Bank

FirstBank: A triumphant Return to the Nigerian Banking Frontline

Published

4 years ago

October 11, 2022

FirstBank: A triumphant Return to the Nigerian Banking Frontline

The story of Corporate Nigeria in 2022, cannot be complete without a chapter on the incredible performance of First Bank of Nigeria Limited, which saw the hitherto encumbered bank now returning to the top of the ladder of the Nigerian banking industry, amid a harvest of international laurels, writes Festus Akanbi

By December this year, Nigerian quoted companies will begin to upload their full year 2022 results in compliance with the dictates of the principle of disclosures to regulators, investors and customers as enshrined in the act of Corporate Governance.

While the waiting game for the release of the more detailed full-year results continues, analysts said that bookmakers can only assess the current level of profitability, efficiency and recovery of these companies based on their half-year reports which began to hit the various media platforms from July this year.

For FirstBank, a subsidiary of the behemoth FBN Holdings Plc, the 2022 operation year has been characterised by a superlative performance which analysts believed signposts the confirmation of the bank’s return to the frontline of the Nigerian banking industry following its 2021 equally stellar performance.

From its half-year 2022 reports, which show a remarkable turnaround, and the ability of the management of the bank not only to resolve old corporate governance issues but to also return the bank to the path of profitability, it has been proven beyond any reasonable doubt that FirstBank has freed itself from old encumbrances and it is back to its old trajectory of breaking boundaries and being a pacesetter in the Nigerian banking industry.

For instance, analysts who believed that FirstBank’s current excellent performance is a reaffirmation of the new era of a return to greater and better times ahead are quick to point to the bank’s half-year 2022 results which proved the solidity of the financial institution and confirmed that it is back in form as a formidable industry leader.

Reinforcing Quantum Profitability Leap Agenda

For instance, in its half-year 2022 scorecard, FirstBank recorded a 22.6 per cent year-on-year growth in gross earnings to N338.5 billion while net interest income was up 49.3 per cent year-on-year to N152.9 billion respectively.”

The bank’s Managing Director/Chief Executive, Adesola Adeduntan who gave this figure disclosed that “Amidst a challenging operating and dynamic regulatory environment in the half year 2022, the commercial banking group remained focused on executing key initiatives to position the group for improved profitability in the full year 2022. Our half-year results further reinforced our drive towards our ‘Quantum Profitability Leap’ agenda.”

Adeduntan said, “On the back of the impressive growth recorded in our top line, our profit before tax recorded a strong growth of 40.0 per cent year on year to N60.0 billion, whilst profit after tax also grew by 42.3 per cent year on year to N53.3 billion as the bank continues to reap the dividends of the successful restructuring of our balance sheet and revamping of our risk management architecture.”

“We continue to record progress in driving down our non-performing loan ratio which now stands at 5.4 per cent at the end of H1 and we are on target to bring it within the regulatory limit of 5 percent by end of full-year 2022.”

Awards and Recognitions: FirstBank’s Leading the Pack

In terms of recognition, there is no doubt that the ongoing transformation in FirstBank is globally recognised when one considers the harvests of awards and recognitions that are already pouring in for the bank.

Analysts said the awards and recognitions, which include those from the Fitch Ratings and The Banker awards and Euromoney rankings are testimonials of FirstBank’s consistent performance.

Fitch Rerating

Analysts maintained that the current Fitch rerating of FirstBank aligns with ratings of other global agencies (such as S&P: B- with a stable outlook; Moodys: B2 with stable outlook) – a confirmation of what industry peers already acknowledge – back to leading the pack.

On September 16, 2022, Fitch Ratings announced the upgrade of FBN Holdings Plc’s (FBNH) and First Bank of Nigeria Ltd’s (FBN) Long-Term Issuer Default Ratings (IDRs) to ‘B’ from ‘B-‘, and according to the rating agency, the Outlooks are Stable. Fitch has also upgraded their Viability Ratings (VR) to ‘b’ from ‘b-‘.

It explained that the upgrade of the Long-Term IDRs follows that of the VRs, reflecting that corporate governance irregularities publicly raised by the Central Bank of Nigeria (CBN) in April 2021, including two longstanding related-party exposures, have largely been addressed and therefore risks to capitalisation have receded, helped by strong internal capital generation since the irregularities were raised.

Governance Issues Laid to Rest

Following its monitoring of the Bank’s corporate Banking endeavours within the last year, the rating agency gave FirstBank a clean bill of health saying the bank’s governance irregularities have been addressed and according to the management of the bank, “the two related-party exposures highlighted by the CBN, which included equity and credit exposures to two companies of whom FBNH’s previous chairman was also chairman, have largely been disposed of and repaid. Fitch understands from management that FBNH and FBN have not been subject to penalties about irregularities raised by the CBN in April 2021 and no further irregularities have been raised.”

It also attests to the solidity of the bank, affirming that FBN is the third-largest bank in Nigeria, representing 11% of domestic banking-system assets at the end of 2021.

Another reason for the high rating is the fact that the bank’s improved asset quality since FirstBank’s impaired loans (Stage 3 loans under IFRS 9) ratio has declined significantly.

FirstBank also boasts of a Stable Funding Profile. For instance, FBN’s customer deposit base (76% of total funding at end-1H22) comprises a high share of retail deposits (64% at end-2021) and current and savings accounts (81% at end-1H22), supporting funding stability and a low-cost of funding. Depositor concentration is fairly low. Liquidity coverage is comfortable in local and foreign currencies.

Bankers Magazine: FirstBank Best Performing in Nigeria

It is also not a coincidence that FirstBank was rated first among its peers in Nigeria by Bankers Magazine, a publication of the Financial Times.

The Top 100 African Bank Rankings 2022 recently released by The Banker shows FirstBank leading the Nigerian table in four areas, the highest achieved by any Nigerian bank; only FirstBank leads in four areas. The rankings, based on the end of year 31 December 2021 audited financials of all banks in the Top 100, reveal FirstBank’s ranking as number one in Nigeria in terms of Overall Performance, Profitability, Efficiency and Return on Risk.

The magazine, which explained that its Top 100 African Banks ranking for 2022 demonstrates a broad return to stability by African banks after a torrid year for the continent’s largest lenders placed FirstBank among other banks in Nigeria because it happened to be the only bank that led in four areas.

First Bank of Nigeria Limited leads its peers in fifth place overall, displacing Guaranty Trust Bank, now in seventh place. Access Bank ranks in the eighth position, with Zenith Bank in 10th place.

Euromoney Rankings: FirstBank, Market Leader

In addition, in 2022, Euromoney Market Leaders, an independent global assessment of the leading financial service providers conducted by Euromoney Institutional Investor Plc crowned FirstBank as a market leader. The bank was rated as a tier one bank in the areas of corporate and social responsibility (CSR).

Not only that, but FirstBank also emerged as a market leader among the tier-one banks in the area of Environmental, Social and Governance (ESG).

In the area of corporate banking and digital solution, FirstBank was highly regarded while it was crowned as a notable player in SME Banking for the period under review.

FirstBank was named “Best Bank Brand in Nigeria” for six years in a row – 2011 to 2016 – by The Banker magazine of the Financial Times Group; it was awarded “Most Innovative Bank in Africa” in the EMEA Finance African Banking Awards 2014; it has clinched the “Best Bank in Nigeria” award by Global Finance Magazine 15 times and the “Best Private Bank in Nigeria” by World Finance Magazine seven times. Some other recent awards received by the Bank are “Best Banking Brand Nigeria, 2019” by Global Brands Magazine; “Best Mobile Banking App – Nigeria, 2019” by Global Business Outlook and “Best Financial Inclusion Program – Nigeria, 2019 by International Investor.

In the words of FirstBank’s CEO, Dr Adesola Adeduntan, ‘what all these current ratings and recognitions demonstrate is that FirstBank is strongly back on course! Knowing this is only the beginning of a new era of return to the trailblazing position and that better times lie ahead we encourage our customers and other stakeholders to keep believing and keep standing by us.’

Banking on Robust Customer Service Network

Through the last 128 years of its operations, FirstBank has played a leading role in utilising its robust customer service network and digital banking architecture to support its customers – cutting across diverse cultures, tribes and races beyond the shores of Nigeria – in meeting their individual and business needs.

First Bank of Nigeria Limited operates as a parent company, with the subsidiaries FBNBank in the Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone and Senegal; FBN Bank UK Limited in the United Kingdom with a branch in Paris; First Bank Representative Office in Beijing to capture trade-related business between geographies. FirstBank also operates First Pension Custodian Nigeria Limited, Nigeria’s foremost pension custodian. The teeming customers of the First Bank Group are serviced from a network of over 700 business locations across Africa.

Culled from ThisDay Newaspaper

Bank

Fidelity Bank Provides Critical Funding Support to Abuja Special Needs Orphanage

Published

3 days ago

May 8, 2026

Sahara Weekly

Fidelity Bank Provides Critical Funding Support to Abuja Special Needs Orphanage

Leading financial institution, Fidelity Bank Plc, through the Fidelity Helping Hands Programme (FHHP), has funded critical support for the JKS Special Needs Academy in Abuja to ensure continued shelter and care for vulnerable children.

The intervention was facilitated by a group of the bank’s newly recruited employees known as Team Valorem, as part of their induction activities. Through the FHHP, employees are empowered to actively contribute to social development by dedicating their time, resources and skills to impactful projects. Projects executed under the initiative are employee-driven, with teams encouraged to identify causes, contribute fifty percent of the project funding, while the bank matches the contribution.

Speaking during the outreach, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, highlighted that the initiative aligns with the Bank’s CSR pillars focused on health & social welfare, and youth empowerment.

“This intervention reflects our belief that building a better society is a shared responsibility. Through the Fidelity Helping Hands Programme, we empower our employees to actively contribute to meaningful social causes. The funding provided will secure the orphanage’s accommodation for an additional year, ensuring a stable and safe environment for the children. This support guarantees that these children continue to have a place they can call home,” Nwagboh remarked.

He also commended caregivers at the facility for their dedication and called for increased focus on empowerment and skill development for children with special needs.

“Beyond providing basic needs, we must provide these children with opportunities to develop skills and become self-reliant. Everyone, regardless of their physical or socio-economic status, has a role to play in the society,” he said.

In her response, Director of JKS Special Needs Academy, Mrs. Nifemi Ajileye, expressed deep appreciation to Fidelity Bank and its staff for the timely intervention.

“We are truly grateful to Fidelity Bank for this support. It will significantly improve the welfare of the children under our care and help us sustain our operations,” she said.

Ajileye highlighted the high cost of caring for children with disabilities, stating that, “Many of the children require continuous medical attention and therapy, which are quite expensive. Support like this helps us bridge critical gaps and continue delivering quality care. This support from Fidelity Bank is timely and it means the world to us and to these children. It will help us continue our work and secure a better future for them,” she added, while calling for sustained support from other organisations.

As an institution with a heart for people, Fidelity Bank continues to demonstrate its commitment to social responsibility by driving inclusive growth and social impact through initiatives that empower communities and improve lives across Nigeria.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Bank

ZENITH BANK APPOINTS ENGR. MUSTAFA BELLO AS CHAIRMAN AT ANNUAL GENERAL MEETING

Published

5 days ago

May 6, 2026

Sahara Weekly

ZENITH BANK APPOINTS ENGR. MUSTAFA BELLO AS CHAIRMAN AT ANNUAL GENERAL MEETING

Zenith Bank Plc has announced the appointment of Engr. Mustafa Bello as the Chairman of its Board of Directors. The appointment, which takes immediate effect, has been approved by the Central Bank of Nigeria (CBN) and ratified by shareholders at the Annual General Meeting held on May 5, 2026.

Engr. Bello’s appointment represents a strategic step to ensure the continuity, stability, and sustained effectiveness of the Board, while reinforcing the high standards of corporate governance, regulatory compliance, and strategic oversight for which Zenith Bank is widely respected.

He joined the Board of Zenith Bank Plc on 29 December 2017 and has served on several Board committees, including the Board Audit and Compliance Committee, Board Governance, Nomination and Renumeration Committee and as Chairman of the Board Risk Management Committee until his appointment as Chairman of the Board of Directors.

He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations, and a proven track record in strategic oversight and organisational growth. He has consistently demonstrated integrity, independence and sound judgement, qualities that distinguished him as the natural choice to lead the Board into its next chapter.

Engr. Mustafa Bello is a distinguished engineer, statesman and corporate leader. His career spans more than four decades across the public and private sectors of the Nigerian economy. He served as Minister of Commerce of the Federal Republic of Nigeria from 1999 to 2002 under President Olusegun Obasanjo, GCFR, where he led the development of Nigeria’s WTO-consistent Trade Policy. He also oversaw the Corporate Affairs Commission (CAC) online project of 2002, which modernised the way businesses register and operate in the country. From November 2003 to February 2014, he served as Executive Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC), where he was instrumental in attracting foreign direct investment into Nigeria, building multilateral and bilateral partnerships, and representing the Federal Government at international conferences and missions.He graduated from Ahmadu Bello University (ABU), Zaria, in 1978 with a B.Engr. in Civil Engineering (Second Class Upper Division), winning the Shell Prize for the best project and thesis in the Faculty of Engineering. He began his career with the Nigerian Army’s Directorate of Quartering and Engineering Service from 1978 to 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer from 1980 to 1983.

He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian economy, and has previously served on the boards of Eskom Holdings Limited of the Republic of South Africa (2004 to 2008) and FrieslandCampina WAMCO Nigeria Plc as an Independent Non-Executive Director. He is a Fellow of the Nigerian Society of Engineers and a Registered Member of Council for the Regulation of Engineering in Nigeria (COREN) as well as Fellow of the Academy of Natural Sciences & Engineering in Nigeria (ANSEN).Zenith Bank stands among Africa’s leading financial institutions, with a strong capital base and operations across Nigeria, the United Kingdom, the United Arab Emirates, Ghana, Sierra Leone, The Gambia and Côte d’Ivoire.

Bank

ZENITH BANK CROSSES N1 TRILLION MARK IN Q1 2026 GROSS EARNINGS

Published

6 days ago

May 5, 2026

Sahara Weekly

ZENITH BANK CROSSES N1 TRILLION MARK IN Q1 2026 GROSS EARNINGS

Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2026, with a 6% growth in Gross Earnings, from N950 billion reported in Q1 2025 to N1.01 trillion in Q1 2026. This is despite the challenging operating environment and tightening monetary policy stance.

From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Thursday, 30th April 2026, this growth was driven by increase in interest income and non-interest income. The increase in interest income was primarily due to the expansion of the Bank’s risk asset portfolio, supported by disciplined, risk adjusted pricing. Interest expense moderated by 5% YoY in Q1 2026 underscored by a continued optimisation of the Bank’s deposit mix and funding structure. This resulted in a 7% growth in net interest income from N591 billion in Q1 2025 to N634 billion in Q1 2026. Non-interest income also improved 19% year on year, rising from N89 billion to N106 billion, highlighting an improvement in fees and commissions and higher contributions from other operating income streams. This performance reflects stronger customer activity and deeper transaction volumes across key business channels.

As a result, the Group recorded a 3% year on year increase in profit before tax, which rose to N361 billion compared with N351 billion in Q1 2025. Profit after tax also increased by 1% to N314 billion.

Profitability was further supported by a decline in cost of funds to 3.76% in Q1 2026 from 3.90% in Q1 2025; while cost of risk moderated to 2% in Q1 2026, reflecting a prudent and proactive risk management stance in an elevated yield environment.

Gross loans increased by 9% from N11.06 trillion as at full year 2025 to N12.04 trillion in Q1 2026, reflecting the continued commitment to carefully deploying credit into high growth sectors of the economy that enhance portfolio returns. Asset quality strengthened as Non-Performing Loan (NPL) ratio eased to 3.79%, from 3.82% reported in December 2025, underpinned by disciplined credit risk management. Customer deposits rose to N24.47 trillion in Q1 2026, while total assets increased by 2% to N32.01 trillion over the same period.

Return on Average Equity (ROAE) and Return on Average Assets (ROAA) stood at 24.9% and 4% respectively, supported by strong top line earnings and enhanced balance sheet efficiency. Net interest margin (NIM) strengthened to 12.5%, up from 10.3% in Q1 2025, underscoring the Group’s ability to preserve its margins and deliver improved shareholder returns. Prudential ratios remained strong and comfortably above regulatory requirements.

The Group’s Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 23.5% and 71% respectively, while the coverage ratio remained strong at 169%, reinforcing the Bank’s resilient capital and liquidity position.

The Group’s Q1 2026 performance underscores its continued focus on sustaining high quality earnings growth, further strengthening asset quality, and deepening customer engagement through continued digital innovation. The Bank remains firmly committed to delivering sustainable growth anchored on sound corporate governance, prudent risk oversight, and disciplined capital allocation.