| History of FirstBank
First Bank of Nigeria Plc for over a century has distinguished
itself as a leading financial institution and a major contributor to
the economic advancement and development of Nigeria.
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.
To reposition and take advantage of opportunities in the changing
environment, the Bank had at various times embarked on restructuring
initiatives. In 1957, it changed its name from Bank of British West
Africa to Bank of West Africa. In 1969, the Bank was incorporated
locally as the Standard Bank of Nigeria Limited in line with the
Companies Decree of 1968. Changes in the name of the Bank also
occurred in 1979 and 1991, to First Bank of Nigeria Limited and
First Bank of Nigeria Plc, respectively. In 1985, the Bank
introduced a decentralised structure with five regional
administrations.
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To further enhance the Bank's operational efficiency, this was
reconfigured into sixteen Area Offices in 2003. In view of the
foregoing, it was therefore, a natural progression when in 2001, the
Bank began the process of transforming its corporate identity to
reflect its rejuvenated focus. The transformation process which
began in earnest in 2001 gained momentum in 2003 and was launched on
Tuesday, April 27, 2004 with the introduction of a new corporate
identity.
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.
In line with the Bank's mission statement "remain true to our
name by providing the best financial services possible" and its
brand essence, "dependably dynamic", the
Bank will consistently transform itself as it forges ahead in its
second century of qualitative banking to the nation.
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