First Bank of Nigeria Plc, through its subsidiaries, provides retail and commercial banking services. The bank’s subsidiaries include FBN Bank (UK) Limited; FBN Insurance Brokers Limited; FBN Mortgages Ltd; First Dependants Limited; First Funds Nigeria Limited; First Pension Funds Custodian Limited; First Pension Funds Custodian Limited; and First Trustees Nigeria Limited.
Its products include demand and time deposits; current and saving accounts; home, auto, and term loans; and commercial papers and overdrafts. Additionally, the bank offers account opening, bridge and project financing, mortgage and Internet banking, risk assessment, loan syndication, share warehousing, claims management, fund transfer, capital raising, brokerage, and mergers and acquistions services. It caters to energy, agriculture, power, oil and gas, automobile, and construction and engineering industries. The bank was formerly known as First Bank of Nigeria Limited and changed its name to First Bank of Nigeria Plc in 1991.
The Bank was incorporated as a limited liability company on March 31, 1894, with Head Office in Liverpool by Sir Alfred Jones, a shipping magnate. It started business in the office of Elder Dempster & Company in Lagos under the corporate name of the Bank for British West Africa (BBWA) with a paidup capital of 12,000 pounds sterling, after absorbing its predecessor, the African Banking Corporation, which was established earlier in 1892. In its early years of operations, the Bank recorded an impressive growth and worked closely with the Colonial Government in performing the traditional functions of a Central Bank, such as issue of specie in the West African sub-region.
To justify its West African coverage, a branch was opened in Accra, Ghana in 1896 and another in Freetown, Sierra Leone in 1898. These marked the genesis of the Bank’s international banking operations. The second branch of the Bank in Nigeria was in the old Calabar in 1900 and two years later, services were extended to Northern Nigeria.
FirstBank got listed on the Nigerian Stock Exchange (NSE) in March 1971 and has won the NSE President’s Merit Award eleven times for the best financial report in the banking sector
FirstBank Head Office
Samuel Asabia House
35, Marina
Lagos
P.O. Box 5216
Lagos Nigeria
Switchboard:
+234-1-2665900
+234-1-9052000
Email:
[email protected]
Information Sources: First bank official website
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