First Bank of Nigeria plc

Strength & Stability in Uncertain Times

Annual Report & Accounts 2009

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Introduction

Milestones

Since our establishment in 1894, FirstBank has undergone many changes. You can view some of our milestones on the timeline below. Our proud heritage gives us the means to build a stable and secure future with integrity. We must keep transforming to meet the needs of a new generation of customers and stakeholders.

1894

  • Established by Sir Alfred Jones, pre-dating the birth of the Nigerian nation
  • Acquired African Banking Corporation

1896–1960

  • Sole banker to the government of West African colonies
  • Opened offshore branches in Accra, Ghana

1898

  • Opened offshore branch in Freetown, Sierra Leone

1900

  • Opened second Nigerian branch in Calabar, Nigeria

1911

  • Opened branches at Ibadan and Abeokuta

1912

  • Acquired Anglo-African Bank established in 1899
  • Appointed by West African currency Board as the sole agent to distribute currency in West Africa
  • Opened first Northern Nigerian branch at Zaria

1914

  • Opened Kano branch

1947

  • First long-term loan advanced to the colonial government

1957

  • Changed name from Bank of British West Africa to Bank of West Africa

1958

  • Provided 10-year loan to government for expansion of railway

1969

  • Changed name to Standard Bank of Nigeria

1971

  • Listed on the Nigerian Stock Exchange

1979

  • Changed name to First Bank of Nigeria Ltd

1991

  • Introduced ATM (First Cash) into the Nigerian financial landscape
  • Changed name to First Bank of Nigeria Plc

1992

  • Established second subsidiary, First Trustees, asset management company

2002

  • Established a wholly-owned UK subsidiary: FBN Bank (UK) Ltd

2003

  • The most admired institution in Nigeria (Alder Consulting)

2004

  • New corporate identity
  • Opened South African representative office
  • Most Active Stock (Market Excellence) – Pearl Awards

2005

  • Acquired FBN (Merchant Bankers) Ltd and MBC International Bank Plc

2007

  • N100 billion hybrid offer oversubscribed by 753%, total amount raised N250 billion

2008

  • FBN UK opened office in Paris
  • First quoted company to hit N1 trillion market capitalisation

June 2009

  • Obtained approval to open a representative office in Beijing, China

Photo archive

Sir Alfred Lewis Jones, founding Chairman

Sir Alfred Lewis Jones, founding Chairman (1894–1909)

Rt. Hon. Sir John Major and colleagues

Rt. Hon. Sir John Major and colleagues at FirstBank

"I was happy to hear about the forthcoming celebrations of FirstBank of Nigeria. I have fond recollections of my banking days in Nigeria… the brief time I spent in Nigeria remains one of my happiest memories." Goodwill message (August 1993) from John Major, former British Prime Minister and former FirstBank employee


First Bank of British West Africa building at Lagos Marina

First Bank of British West Africa building at Lagos Marina, the first branch of the Bank in West Afica (demolished 1904)

Joseph Sanusi, Managing Director and Governor of the Central Bank of Nigeria

Joseph Sanusi, Managing Director (February 1992 to 1998), and Governor of the Central Bank of Nigeria (1999 to 2004)

Sanusi, Lamido Sanusi

Sanusi, Lamido Sanusi, immediate past Group Managing Director (January to June 2009), and current Governor of the Central Bank of Nigeria (effective June 4, 2009)