We have been made aware of a recent publication by Thisday Newspaper, Arise Television and a video circulating, regarding a court case filed by a customer, Dr. Agbai Eke, against FirstBank.
We can affirm that the allegations of fraud in the Bank as alluded to by āDr. Agbai Ekeā are entirely unfounded and false. Our findings on the matter indicate unprofessional and unethical dealings between Dr. Agbai Eke and a former FirstBank employee, using a personal relationship to facilitate unauthorized transactions outside the bank’s knowledge or involvement.
As the matter is currently before the Court, we will refrain from further comments to allow the Court to dispassionately determine the issues before it. The Bank has equally filed a report to law enforcements for further proper investigations and the suspects have made useful statements while the investigations are ongoing.
As the matter is currently before the Court, we will refrain from further comment to allow the Court to dispassionately determine the issues before it. The Bank has equally filed a report to law enforcements for further investigations and the suspects have made useful statements while the investigations are ongoing.
FirstBank remains committed to transparency, accountability, and the protection of its customers’ interests. We assure our stakeholders that we operate with the highest standards of integrity and professionalism.
About FirstBank
First Bank of Nigeria Limited āFirstBankā, established in 1894, is the premier bank in West Africa, a leading financial inclusion services provider in Africa, and a digital banking giant.
FirstBankās international footprints cut across three continents ā 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 FirstBankās 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 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 233,500 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.
FirstBankās commitment to Diversity is shown in its policies, partnerships and initiatives such as its employeesā 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 Bankās membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Womenās Women Empowermentās Principles (WEPs) ā Equal Opportunity, Inclusion, and Nondiscrimination.
For six consecutive years (2011 ā 2016), FirstBank was named āMost Valuable Bank Brand in Nigeriaā by the globally renowned The Banker Magazine of the Financial Times Group and āBest Retail Bank in Nigeriaā eight times in a row, 2011 – 2018, by the Asian Banker International Excellence in Retail Financial Services Awards.
In 2022, the Top 100 African Bank rankings released by The Banker Magazine ranked FirstBank as number one in Nigeria in terms of Overall Performance, Profitability, Efficiency and Return on Risk. Also in 2022, the Bank received the āMost Innovative Retail Banking Product in Nigeria (FastTrack ATM)ā and āBest Retail Bank in Nigeriaā awards from International Finance Magazine. FirstBank was also awarded āBest Corporate Banking Western Africa, 2022ā and āBest CSR Bank Western Africa, 2022āā by Global Banking and Finance Magazine.
Other notable awards in FirstBank coffers include: āBest Bank in Nigeriaā by Global Finance magazine – fifteen times in a row; āBest Private Bank in Nigeria-2021ā awarded by Global Finance magazine; āBest Internet Banking Nigeriaā and āāBest CSR Bank Africaāā by International Business Magazine.
In 2023, FirstBank received notable awards including āBest Private Bank for Sustainable Investing in Africa 2023ā by Global Finance Awards; āBest Sustainable Bank in Nigeria 2023ā by International Investors Awards; āBest Bespoke Banking Services in Nigeria 2023ā by International Investors Awards; āBest Financial Inclusion Service Provider in Nigeria 2023ā by Digital Banker Africa; and āAfrican Bank of the Yearā by African Leadership Magazine; āāBest Corporate Bank in Nigeria 2023āā by Euromoney Awards and āāMost Innovative Banking Brand – Nigeria 2023āā by Global Brands Award.
Other laudable feats in 2023 include FirstBankās international recognitions on major indices by Euromoney Market Leaders, an independent global assessment of the leading financial service providers where FirstBank was crowned:
Market Leader: (tier-1 recognition) in Corporate Banking,
Market Leader: (tier -1 recognition) in Digital Solutions,
Highly Regarded: Corporate and Social Responsibility (CSR),
Highly Regarded: Environmental, Social and Governance (ESG), Notable: in SME Banking.
Significantly, FirstBankās Global Credit Rating was A+ with a positive outlook while ratings by Fitch and Standard & Poorās 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.
Our vision is āTo be Africaās Bank of first choiceā and our mission is āTo 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 āTo deliver accelerated growth in profitability through customer-led innovation and disciplined execution and our brand promise is always to deliver the ultimate āgold standardā of value and excellence to position You First in every respect.
Olayinka Ijabiyi
Ag. Group Head, Marketing & Corporate Communication
