Correction of Misleading Information Regarding Fraud Allegations

We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution. We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence.

About FirstBank

First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West Africa, a leading financial inclusion services provider in Africa, and a digital banking giant.

FirstBank’s international footprints cut across three continents ─ Africa, Europe, and Asia, with FirstBank UK Limited in London and Paris; FirstBank in The Democratic Republic of Congo, Ghana, The Gambia, Guinea, and Sierra Leone; FBNBank in Senegal; and a FirstBank Representative Office in Beijing, China. All the subsidiary banks are fully registered by their respective Central Banks to provide full banking services.

Besides providing domestic banking services, the subsidiaries also engage in international cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the representative offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other African countries.

For over 130 years, FirstBank has built an outstanding reputation for solid relationships, good corporate governance, and a strong liquidity position and has been at the forefront of promoting digital payment in the country with over 13 million cards issued to customers (the first bank to achieve such a milestone in Nigeria). FirstBank has continued to make significant investments in technology, innovation, and transformation, and its cashless transaction drive has been steadily accentuated with virtually 23 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.

With over 42 million customer accounts (including digital wallets) spread across Nigeria, UK, and sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale financial services through more than 820 business offices and over 243,400 agent locations spread across 772 out of the 774 Local Government Areas in Nigeria.

In addition to banking solutions and services, FirstBank provides pension fund custody services in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated services through First Nominees Nigeria Limited.

FirstBank’s commitment to diversity is shown in its policies, partnerships, and initiatives such as its employees’ ratio of female to male (about 39%:61%; and 32% women in management) as well as the FirstBank Women Network, an initiative that seeks to address the gender gap and increase the participation of women at all levels within the organization. In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Women Empowerment Principles (WEPs) ─ Equal Opportunity, Inclusion, and Non-discrimination.

Recognition and Achievements

For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in Nigeria” by The Banker Magazine of the Financial Times Group.

Named “Best Retail Bank in Nigeria” eight times in a row (2011 - 2018) by the Asian Banker International Excellence in Retail Financial Services Awards.

In 2023, FirstBank received various awards, including:

Best Private Bank for Sustainable Investing in Africa

Best Sustainable Bank in Nigeria

Best Financial Inclusion Service Provider in Nigeria

African Bank of the Year

In 2024, the bank earned accolades such as:

Best SME Bank in Africa

Best CSR Bank in Nigeria

Best Retail Bank in Nigeria

Vision, Mission, and Strategic Ambition

Vision: To be Africa’s Bank of First Choice.

Mission: To remain true to our name by providing the best financial services possible.

Core Values: Entrepreneurship, Professionalism, Innovation, and Customer-Centricity (EPIC).

Strategic Ambition: Deliver accelerated growth in profitability through customer-led innovation and disciplined execution.

Olayinka Ijabiyi

Acting Group Head, Marketing & Corporate Communications

First Bank of Nigeria Limited.