CORPORATE STATEMENT 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 organisation. 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’s
Principles (WEPs) ─ Equal Opportunity, Inclusion, and Non-discrimination.
For six consecutive years (2011 – 2016), FirstBank was named “Most
Valuable Bank Brand in Nigeria” by the globally renowned The Banker Magazine of
the Financial Times Group and “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 notable awards including “Best Private Bank
for Sustainable Investing in Africa 2023” by Global Finance Awards; “Best
Sustainable Bank in Nigeria 2023” by International Investors Awards; “Best
Bespoke Banking Services in Nigeria 2023” by International Investors Awards;
“Best Financial Inclusion Service Provider in Nigeria 2023” by Digital Banker
Africa; and “African Bank of the Year” by African Leadership Magazine; ’’Best
Corporate Bank in Nigeria 2023’’ by Euromoney Awards and ‘’Most Innovative
Banking Brand - Nigeria 2023’’ by Global Brands Award.
Significantly, FirstBank’s Global Credit Rating was A+ with a positive
outlook while ratings by Fitch and Standard & Poor’s were A (nga) and
ngBBB+ respectively both with Stable outlooks as at September 2023. FirstBank
maintained the same level of international credit ratings as the sovereign; a
milestone that was achieved in 2022 for the first time since 2015.
FirstBank continued to gain wide acclaim on the global stage with
several international awards and recognitions received so far in 2024. Some of
these include Nigeria’s Best Bank for ESG 2024 and Nigeria’s Best Bank for
Corporates 2024 both awarded by Euromoney Awards for Excellence; Best SME Bank
in Africa and in Nigeria by The Asian Banker Global Awards; Best Private Bank
in Nigeria and Best Private Bank for Sustainable Investing in Africa by Global
Finance Awards; Best Corporate Bank in Nigeria 2024, Best CSR Bank in Nigeria 2024,
Best Retail Bank in Nigeria 2024, Best SME Bank in Nigeria 2024 and Best
Private Bank in Nigeria 2024 all awarded by the Global Banking and Finance
Awards.
Our vision is “To be Africa’s Bank of first choice” and our mission is
“To remain true to our name by providing the best financial services possible”.
This commitment is anchored on our core values of EPIC - Entrepreneurship,
Professionalism, Innovation and Customer-Centricity. Our strategic ambition is
“to deliver accelerated growth in profitability through customer-led innovation
and disciplined execution” and our brand promise is always to deliver the
ultimate “gold standard” of value and excellence to position You First in every
respect.
Olayinka Ijabiyi
Acting Group Head, Marketing & Corporate Communications
First Bank of Nigeria Limited
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