First Bank: Celebrating 125 Years of Banking Operation

By Emmanuel Uffot

The foremost Nigeria’s oldest financial institution First Bank Nigeria will on Sunday March 31, 2019 clocked 125 years since it started banking operations in the country. The management of the bank had scheduled activities to mark the anniversary kick starting with the bank hosting financial market leaders, capital market leaders, the business communities, captains of industries, industrialists, staff and customers.

The event which took place in Lagos witness  out pouring of goodwill messages from customers, capital market operators and the business community.

The Deputy Governor of Central Bank of Nigeria Mr Adebisi Shonubi who represented the CBN governor at the occasion congratulated First Bank for marking another milestone in its corporate existence.

Shonubi said that it was significant to note that two former CBN Governors, Mr Joseph Sanusi and Mallam Lamido Sanusi(Current Emir of Kano) both served as MD/CEOs of First Bank.

 Also giving his goodwill message, the CEO of the  Nigeria Stock Exchange Mr. Oscar Onyema, OON lauded First Bank for its remarkable contribution to the capital market revolution.

Mr Onyema also noted that two of the past Presidents of the Council of NSE came from the First Bank family namely; Mr Samuel Asuabia(Late, Former MD First Bank) and Chief Oba Otudeko(Current Chairman FBN Holdings).

  As part of the highlight of the anniversary celebration, where management of the bank had a  chat with the media where the Chairman of FBN Holdings Chief Oba Otudeko  said First Bank has in 125 years, impacted Nigeria’s economy driving financial inclusion.

Dr Adesola Adeduntan the MD/CEO of First Bank Nigeria Plc stated that as a financial institution, the bank has supported the economic development of Nigeria.

By marking the 125th anniversary, Dr Adeduntan said the bank was taking a unique posture which will afford it the opportunity to constantly innovate and reinvent itself.

According to Adeduntan, some of the strides of First Bank include;

  • The Bank with the highest spread of branches across the 774 Local Governments in the country
  • The Bank that processes 20% of the financial services transactions in the country
  • The Bank has 13,000 agents driving banking services and increasing financial touch points.
  • The Bank with the largest ATM network in the country
  • The Bank that is in the rare club of financial institutions that have existed for over 100 years.
  • He said the bank was celebrating 125 years of unbroken business operations in Nigeria hinged on trust, safety and security as well as 125 years of long term value to all stakeholders.

 He said the bank was now building for the next 125 years and beyond and would continue to maintain its leadership position. Stressing that the bank was among the few institutions in the world, that survived over 100 years of existence.

Adeduntan said the bank as a long standing and largest financial institution in Nigeria has impacted the nation and the world through various financial products and services.

First Bank which began operation in 1894 has traversed across Nigeria, West Africa, Africa and the world through its banking operations.

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