First Bank of Nigeria, Nigeria’s oldest financial institution, has embarked on an ambitious project to construct a cutting-edge head office in Eko Atlantic City. The project has been described as a laudable one by industry stakeholders.
Experts believe this move will strengthen the bank’s leadership in Nigeria’s financial sector and reinforce its commitment to innovation, sustainability, and economic growth.
Groundbreaking Ceremony
At the groundbreaking event attended by top government officials and industry leaders, Lagos State Governor Babajide Sanwo-Olu officially presented the certificate of approval. This paves the way for immediate construction of what will become Nigeria’s tallest building—a 44-storey, eco-friendly edifice reflecting FirstBank’s long-term vision.
A Legacy of Firsts
Founded in 1894, FirstBank has been a pillar of Nigeria’s financial system for over 130 years. As a systemically important bank, it has pioneered key innovations that have shaped modern banking in Nigeria.
It was the first Nigerian bank listed on the Nigerian Stock Exchange, the first to introduce international money transfer services in partnership with Western Union. FirstBank also launched Nigeria’s first ATM in 1991 and later introduced biometric and cash deposit ATMs, showcasing its commitment to technology. This tradition continues with the new corporate headquarters in Eko Atlantic City, setting new industry benchmarks.
FirstBank’s pioneering milestones include being the first financial institution in West Africa, the first Nigerian company recognised as the Most Valuable Banking Brand for six consecutive years, and the first to surpass 200,000 agent banking locations. It was also the first Nigerian bank to reach a market capitalisation of one trillion naira and execute the country’s largest public offer.
Beyond finance, FirstBank has led technological and global expansion initiatives, establishing the first Nigerian offshore subsidiary (FirstBank UK Ltd) and offering global custody services. It was also the first Nigerian bank to use FinnOne credit administration software. Its commitment to sustainability is reflected in its partnership with Lagos Business School to establish the FirstBank Sustainability Centre, recognised by the United Nations Global Compact LEAD.
Eko Atlantic City: A Symbol of Nigeria’s Future
Eko Atlantic City is emerging as West Africa’s financial and commercial hub, built on reclaimed land along the Lagos coastline. FirstBank’s decision to establish its headquarters here highlights its strategic vision for Nigeria’s economic transformation.
Governor Sanwo-Olu, at the groundbreaking event, praised the bank’s leadership, stating, “To signify our commitment, we present the official certificate of approval to FirstBank, allowing immediate construction. Let this be another landmark achievement for Lagos and Nigeria.”
He emphasised that Eko Atlantic City is more than a real estate development—it is an economic hub attracting global businesses. FirstBank’s presence is expected to encourage other financial institutions to follow, strengthening Nigeria’s financial sector.
A New Era for FirstBank
The new headquarters is not just an architectural feat but a statement of resilience, progress, and sustainability. Designed to meet high environmental, social, and governance (ESG) standards, the green-certified building will incorporate advanced energy efficiency measures and set a precedent for sustainable banking infrastructure in Africa.
The Group CEO of FirstBank, Olusegun Alebiosu, stated, “This project represents a new chapter in our journey. It symbolises our strength, stability, and commitment to Nigeria’s economic growth. We are not just constructing a building but investing in the future of banking, innovation, and sustainability.”
Also, the chairman, FirstHoldco (the parent of FirstBank), Femi Otedola described the groundbreaking as the dawn of a new era, reinforcing FirstBank’s leadership in financial services.
Innovation Driving Growth
FirstBank’s ability to adapt and innovate has ensured its continued growth. Over the past decade, it has maintained its position as one of Nigeria’s top banks in assets, capital, and customer base.
Despite economic uncertainties, FirstBank has demonstrated resilience. In the nine months period of 2024, its holding company posted record profit growth of 128 per cent year-on-year. Interest income surged by 178.6 per cent to N685.315 billion, reflecting strong core banking performance.
Total assets have nearly tripled in five years, reaching N16.94 trillion in 2023 and N27.49 trillion in the nine months period of 2024, while customer loans increased N9.366 trillion, supporting key sectors such as manufacturing, agriculture, oil and gas, construction, and real estate.
With its new 10-year strategic vision, which took effect in 2025, FirstBank is leveraging technology, improving customer experience, and expanding financial intermediation. It aims to double its market dominance across all operating regions, with a renewed focus on digital transformation and AI-driven banking solutions.
A Catalyst for Economic Development
The construction of FirstBank’s new headquarters is expected to generate thousands of direct and indirect jobs, boost investment in Lagos’ real estate sector, and reinforce Nigeria’s status as a financial hub.
Governor Sanwo-Olu noted, “There is ample opportunity here in Eko Atlantic, and we will continue to support investment and development.”
Vice President Kashim Shettima lauded FirstBank’s role in national development, describing the project as a testament to Nigeria’s private sector resilience.
“FirstBank has been a pillar of economic growth, empowering businesses, supporting families, and fostering prosperity. This headquarters symbolises Nigeria’s progress and economic strength.”
With construction set to commence immediately, the new head office will become an iconic landmark in Lagos. FirstBank’s investment in Eko Atlantic City reflects its confidence in Nigeria’s future and commitment to innovation, sustainability, and economic growth.
As FirstBank continues to evolve, its legacy of firsts remains intact. From pioneering modern banking in Nigeria to setting new standards in financial services, the bank is not just building a structure—it is shaping the future of banking in Nigeria and beyond.
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