First Bank of Nigeria financial services

Brand Origin and Early History

First Bank of Nigeria was established in 1894 by Sir Alfred Jones, a shipping magnate from Liverpool, England. Originally named the Bank of British West Africa (BBWA), it was headquartered in Liverpool and primarily served British shipping and trading agencies in Lagos. It is recognized as Nigeria's oldest financial institution and a pioneer of formal banking in West Africa.

Evolution and Ownership

Throughout the 20th century, the bank underwent several structural changes and mergers, most notably with Standard Bank UK in 1966. It was incorporated locally in 1969 as Standard Bank of Nigeria Limited and later adopted the name First Bank of Nigeria in 1979 to align with national indigenization policies. In 2012, the bank adopted a holding company structure, becoming a subsidiary of FBN Holdings Plc (now often referred to as FirstHoldCo). As of 2026, the organization is a publicly-owned entity with a diversified shareholder base of over 1.3 million investors, led by prominent Nigerian figures such as Chairman Femi Otedola.

Manufacturing and Global Reach

While 'manufacturing' in a traditional sense does not apply to banking, First Bank's services are generated and delivered primarily in Nigeria, where it maintains an extensive network of over 800 business locations. Its international operations extend to the United Kingdom, France, China, and several sub-Saharan African countries, including Ghana, the Democratic Republic of Congo, and Senegal.