First Bank of Nigeria

It is a large banking entity established in Nigeria. It is mainly responsible for offering financial services and specializes in retail banking. It is a leading banking brand in Nigeria with branches in the world (Africa, the Middle East, Europe, and Asia).

History

The entity was created in 1894 and became the most relevant institution in terms of banking operations in Nigeria. Although at first, it had its business in Lagos, Nigeria, it was founded by the Englishman Sir Alfred Jones in Liverpool, where it had its first headquarters. At that time, it was called Bank of British West Africa (BBWA). The bank’s objective was to establish a safe place where people could make their deposits without worrying and thus avoid corrupt practices in the market.

This bank, for many years, had a series of restructuring that led it to change its name several times. In 1957, it began to be called the Bank of West Africa (BWA). Subsequently, it merged with Standard Bank and changed its name to Standard Bank of West Africa Limited in 1966. Three years later, it was established locally (Nigeria) under the name of Standard Bank of Nigeria Limited.

The bank began trading its shares on the Nigeria Stock Exchange. In 1979, it changed its name to First Bank of Nigeria Limited. Years later, specifically in 1991, it changed its name again, this time to First Bank of Nigeria Plc. The bank began to establish itself internationally in several countries such as the United Kingdom, France, the Democratic Republic of the Congo, Ghana, and more.

Gradually, it was consolidated as one of the most important banks in Nigeria and Africa. In 2012, with the emergence of FBN Holdings Plc as a result of a restructuring of the Nigerian Bank, it changed its name back to First Bank of Nigeria Limited.

Swift Code

The Swift Code is an 8 or 11 character number that is used in an international transfer: FBNINGLA.

Number of Employees

The Nigerian bank has a staff of 7,616 employees.

Rating

The rating of a banking entity is carried out by Moody’s, S&P, and Fitch agencies to verify that debts are paid.

First Bank of Nigeria has a rating of:

  • Moody’s = B2 (local currency deposit), B3 (foreign currency deposit).
  • S&P = B-.
  • Fitch = B-.

B2, B3 (Moody’s) = It means high credit risk.

B- (S&P Global) = The bank’s financial situation suffers notable variations.

B- (Fitch) = It means that there is some risk.

Headquarters

The headquarters of First Bank of Nigeria is in Lagos, Nigeria.

Website

To access the bank’s website: http://firstbanknigeria.com

Services

  • Personal and Business Banking: It allows clients and companies to open and manage accounts, bank cards, loans, and mortgages for property and money transfer.
  • Private Banking: It offers a specialized and safe service to clients to protect their assets. It provides investment services, banking and credit services, and asset management.

Contact

Address: Samuel Asabia House 35 Marina, P.O. Box 5216, Lagos, Nigeria.

Phone Number: +234 1 905 2326, +234 708 062 5000, +234 1 448 5500.

Email: [email protected].