Group Aspirations

The FirstBank Group aspires to become the dominant financial services group throughout Sub-Saharan Africa*. The Group faces this challenge from a position of strength, having established itself over a 116-year history as the largest bank in Nigeria and, presently, as the largest private sector banking group in Sub-Saharan Africa (ex- South Africa). The Group intends to consolidate its dominant position in banking in Nigeria, while pursuing profitable growth in the non-bank financial services sector and in commercial banking (and selectively in investment banking) internationally. Nigeria accounts for nearly a quarter of GDP in Sub-Saharan Africa and a third of banking assets. Hence, as the Nigerian market leader with a healthy balance sheet and significant capital adequacy and free capital, FirstBank is optimally poised to lead the creation of a strong regional diversified financial services group.

At a time when regulators are questioning the scope of operations of banks outside their core banking business, FirstBank believes that African economies should exploit the natural synergies that exist among financial services businesses (commercial banking, investment banking, insurance etc.). Furthermore, we believe that these developing countries should holistically, and proactively, harness the full range of financing options (e.g., conventional lending, structured finance, equity and debt capital markets etc.) that are available for economic development. We remain supportive of regulatory reforms that promote good corporate governance practices and proper industry conduct. Accordingly, within the proper regulatory framework, we encourage African financial services institutions that engage in multiple lines of business to do so in a manner that benefits all stakeholders, without creating undue systemic risk or moral hazard that might require strong government/taxpayer intervention.

In his inaugural message to the Board, the FirstBank Chairman Mr Oba Otudeko, OFR outlined a bold new vision for the FirstBank Group, challenging the Group to aspire to become Africa's number one financial services supermarket. Key elements of the new Group vision can be summarised as follows:

1. Be the undisputed leader in every business in which we choose to participate
2. Grow our franchise both within and outside our borders to become the bank of First choice to all, including the next generation of Nigerians, and the broader Sub-Saharan African market
3. Provide unparalleled and innovative service to customers and put them at the centre of our business
4. Develop the FirstBank Group into a hub for the best talent and 'owners' (entrepreneurial managers) across the industry
5. Remain a bastion of ethical leadership and good corporate governance
6. Deliver superior shareholder returns underpinned by solid near-term financial performance and strong longterm growth prospects.

The FirstBank mission is "to be true to our name by offering the best financial services possible". FirstBank aims to live up to its name and give renewed meaning to its brand, beyond the conventional associations with being both the oldest and the largest bank in Nigeria. The Group aspires to be known for its leadership and superior value proposition to shareholders, customers, employees, regulators, and the public at large – in essence, it will be acknowledged as the first choice and the best financial institution by all stakeholders.