By Keem Abdul It is the latest paradigm-shifting move on the part of an iconic institution whose signature identity is not just its sheer size and the vast scope of its operations, or its landed property and liquid assets, or even its proud heritage (which dates back to the late 19th century), but the scale of its ambition. In the 130 years since it first opened for business in Nigeria, First Bank Plc has undergone a steady evolution – in terms of its modus operandi, its work culture, its ability to adapt and to reinvent itself to changing times while keeping faith with its timeless values, and its ability to leverage on cutting-edge technology in the quest to achieve desired outcomes for its vast, diverse client and customer base – that has kept it at the forefront of the financial services ecosystem, not just in Nigeria, but on the African continent – with a substantial footprint on other continents in the world.
On Wednesday, March 5, 2025, the bank lived up to its hard-earned reputation as a pacesetter in the Nigerian financial services firmament (and indeed in Corporate Nigeria) as it conducted the ground-breaking ceremony for its new ‘green-certified’ head office building at a lavish and high-profile ceremony in Lagos. When completed, the 43-storey edifice, to be located at the upmarket Eko Atlantic City in Lagos, is projected to be the tallest building in Nigeria.
According to Olayinka Ijabiyi, the banking group’s Acting Group Head in charge of marketing and corporate communications, and the Chief Executive Officer of the FirstBank Group, Olusegun Alebiosu, the prospective head office would stand as an engineering marvel and an environmental delight due to its state-of-the-art, technologically-advanced features, which, they added, would redefine the skyline of Nigeria’s commercial capital. They added that the building’s eco-friendly profile, vis-a-viz its sophisticated construction and its skillful integration of materials and architectural techniques, would set a new standard for the financial services sector in Africa Its location in Eko Atlantic City, an ultra-modern city built on reclaimed land, they said, is an unequivocal demonstration of the bank’s commitment to innovation and sustainability, while its green certification is in recognition of the commitment of the banking behemoth to reduce its operational costs and environmental impact, thereby making it a model for sustainable banking infrastructure in Africa. The new head office, the two bank executives asserted, represents First Bank’s commitment to excellence and long-term growth.
The ground-breaking ceremony, which was graced by top political office holders – elected and appointive alike – as well as business leaders, underscored the national significance of the project, its potential to contribute to economic development across Africa, and its promise of long-term value for stakeholders across the socioeconomic value-chain. The building, its designers say, is structured to enhance operational efficiency, ensuring better service delivery and an improved banking experience for customers.
Needless to say, the ceremony was certainly one of Mr. Femi Otedola’s finest hours, as it is a vindication of his quest (since he took the reins as Chairman of First Holdings Company, or FirstHoldCo for short, the bank’s parent company) to deploy stakeholder collaboration in bringing this ambitious vision to life. More broadly, it is also an eloquent testament to his leadership acumen, and the direction in which he is resolved to take the institution, going forward. His emergence as Chairman of FirstHoldCo (by virtue of his holding the largest individual share capital in the institution) has brought about a seismic, even disruptive change – which has caused insiders to say that ‘the fear of Femi Otedola is the beginning of wisdom at First Bank.’ In his early days at the helm, he wasted no time in launching a crackdown in the bank, which saw a number of ranking officers of the bank relieved of their positions. He has also given teeth to the Bank’s mantra, ‘You First,’ by steering the organisation towards its stated focus on the customer.
By common consensus, attendees at the groundbreaking ceremony, and indeed all who have followed the success story of FBN Plc over the years, agreed that this was a significant milestone in the institution’s journey towards expanding the frontiers of excellence in financial services – which include the provision of financial inclusion services, as well as digital banking. With offices and branches in international locations as disparate as The Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone and Senegal in Africa, as well as in the United Kingdom (London), France (Paris) and China (Beijing), the bank and all its subsidiaries are fully engaged in international cross-border transactions which have helped facilitate trade flows from Asia and Europe into Nigeria and other African countries.
In the course of a century and three decades, FBN Plc has carved an enviable niche for solid engagements, good corporate governance and a formidable liquidity position, all of which have placed it at the forefront of the country’s digital payment ecosystem with over 13 million cards issued to customers (making FBN Plc the first bank in Nigeria to achieve such a milestone). Its strides outside the parameters of finance – with investments in technology, innovation and transformation, and its cashless transaction drive – have seen about 23 million active FBN customers signed up on its digital channels. With over 42 million customer accounts (including digital wallets) spread across Nigeria, other parts of sub-Saharan Africa and the UK, FBN Plc’s scope extends to more than 820 business offices and almost 250,000 agent locations spread across 772 of the 774 LGAs in Nigeria. The bank’s octopus-like tentacles also extend to pension fund custody services (through First Pension Custodian Nigeria Limited).
It is no wonder that the bank has received such a plethora of awards over the years – among them the award for the “Most Valuable Bank Brand in Nigeria” from the globally-renowned The Banker Magazine of the Financial Times Group (for six years back-to-back), among many, many others.
Wednesday’s ceremony is also a signal of FirstHoldCo’s intention to pursue its vision, namely, ‘To be Africa’s bank of first choice’ more assiduously than ever before, and to actualize its mission to remain true to its name by providing the best financial services possible. This commitment is anchored on the banking conglomerate’s core values (as summarized by the acronym ‘EPIC’ – entrepreneurship, professionalism, innovation and customer-centricity).
As a public company that drives collaboration among its multiple subsidiaries, FirstHoldCo’s goal is to provide innovative financial solutions and enhance shareholder value, in line with its strategic ambition, which is to deliver accelerated growth in profitability through customer-led innovation and disciplined execution, to deliver the ultimate gold standard of value and excellence at all times, as well as to put the customer FIRST in every respect.
Along with its brand transformations over the years (from its founding in 1894 by Sir Alfred Jones, a shipping magnate from Liverpool, England whose head office was originally in Liverpool under the name of ‘Bank of British West Africa’) First Bank, through the prospective new office, promises to redefine its identity, unify its subsidiaries, reinforce its heritage and tradition of excellence, emphasize its forward-looking vision, strengthen its position as a leader in the financial services industry, and sustain its global presence.
More than just a building, then – albeit a towering skyscraper set to become the cynosure of all eyes when it is eventually completed – the 43-storey jewel rising from the sands of the Eko Atlantic City in downtown Lagos represents the continuation of a proud legacy, one that strikes a beautiful and highly profitable balance between heritage and progress, tradition and transformation, as well as local impact and global reach.
Keem Abdul, publisher and writer, hails from Lagos. He can be reached via +2348038795377 or Akeemabdul2023@gmail.com
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