FIRSTBANK EMERGES AS THE BEST PRIVATE BANK IN NIGERIA AND THE BEST PRIVATE
BANK FOR SUSTAINABLE INVESTMENT IN AFRICA AT GLOBAL FINANCE AWARDS

Sahara Weekly Reports That First Bank of Nigeria Limited, West Africa’s premier financial institution
and leading financial inclusion services provider announced its recognition as the Best Private
Bank in Nigeria and Best Private Bank for Sustainable Investment in Africa at the Global
Finance’s ninth annual World’s Best Private Banks Awards for 2024 was held at the Harvard Club of
New York on March 21, 2024.

Dulce Chicon, Vice President of Global Finance in the Americas; Idowu Thompson, Group Executive, Private Banking and Wealth Management, FirstBank; and Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications Department, FirstBank during a networking session at the dinner and award ceremony of the Global Finance ninth annual World’s Best Private Banks Awards for 2024 held recently in New York, USA.

According to Global Finance, its Private Bank Awards honor banks that best serve the
specialized needs of high-net-worth individuals as they seek to enhance, preserve, and pass on
their wealth.

FirstBank’s Private Banking business model was revamped in January 2023 on the back of a
stellar performance in 2022, to consolidate its position and maintain its pride of place as the
leading Private Bank in Nigeria with distinct product offerings covering investment advisory,
wealth management, asset management, and lifestyle solutions.

The Bank has remained consistent in reinventing itself, enabling success through the years of
its existence for the last 130 years, responding to the changes in the private wealth space and
the opportunities presented by certain factors like borderless technology renewed interest in
mineral wealth, migration opportunities, and concerns for wealth preservation amongst many others.

Receiving the awards, Idowu Thompson, the Group Executive, Private Banking and Wealth
Management, FirstBank said; We are greatly honored to be recipients of the awards Best Private Bank in Nigeria and Best Private Bank for Sustainable Investment in Africa, both
testaments to our enduring commitment to continuously creating value by strengthening
financial awareness and driving inclusiveness in our customers’ journeys from wealth creation,
growth, preservation, and its orderly transfer.”

“We are delighted with the impact we have made in putting our customers first as this has
played a very vital role in enabling their successes and contributing to national development.
These awards are dedicated to our esteemed customers. We reaffirm our continued dedication
to continuing to improve and delivering excellence in banking”.

Joseph Giarraputo, Founder and Editorial Director of Global Finance said: “Private banking is an
art as well as a science in which knowledge of economic and financial trends are paired with a
deep understanding of client needs. Global Finance’s Private Bank Awards highlight institutions
that deliver both.”

Amongst other awards, FirstBank recently added to its awards kitty are Best Private Bank in
Nigeria 2024 by Global Banking and Finance; Best CSR Bank in Nigeria 2024 by Global
Banking and Finance; Most Innovative Digital Bank, 2024- Nigeria by Digital Banker Africa; the
Most Innovative Banking Brand in Nigeria 2023 by Global Brands Awards; Financial Institution
of the Year 2023 by Afrexim Bank; and Best Corporate Bank in Nigeria 2023 by Euromoney
Awards for Excellence.

Amidst a rapidly evolving global landscape, First Bank of Nigeria Limited has demonstrated
exceptional leadership in integrating sustainable practices into its banking operations. Through
strategic investments, innovative solutions, and a steadfast dedication to environmental, social,
and governance (ESG) principles, FirstBank has remained a trailblazer in sustainable finance
for its customers, irrespective of where they may be across the globe.

About FirstBank

First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West
Africa, one of the leading financial inclusion service providers in Africa, and a digital banking
giant.

FirstBank’s international footprints cut across three continents- Africa, Europe and Asia, with
FirstBank UK Limited in London and Paris; FirstBank in The Democratic Republic of Congo, The
Gambia, Guinea, and Sierra Leone; FBNBank in Ghana and Senegal; and a FirstBank
Representative Office in Beijing, China. All the subsidiary banks are fully registered by their
respective Central Banks to provide full banking services.

Besides providing domestic banking services, the subsidiaries also engage in international
cross-border transactions with FirstBank’s Non-Nigerian Subsidiaries and the representative
offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other
African countries.

For 130 years, FirstBank has built an outstanding reputation for solid relationships, good
corporate governance, and a strong liquidity position, and has been at the forefront of promoting
digital payment in the country with over 13 million cards issued to customers (the first bank to
achieve such a milestone in Nigeria). FirstBank has continued to make significant investments
in technology, innovation, and transformation, and its cashless transaction drive has been
steadily accentuated with almost 23 million active FirstBank customers signed up on digital
channels including the USSD Quick Banking service through the nationally renowned *894#
Banking code.

With over 42 million customer accounts (including digital wallets) spread across Nigeria, UK and
sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale financial
services through more than 800 business offices and over 233,500 agent locations spread
across 772 out of the 774 Local Government Areas in Nigeria.
In addition to banking solutions and services, FirstBank provides pension fund custody services
in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated
services through First Nominees Nigeria Limited.

FirstBank’s commitment to Diversity is shown in its policies, partnerships, and initiatives such as
its employees’ ratio of female to male (about 39%:61%; and 32% women in management) as
well as the FirstBank Women Network, an initiative that seeks to address the gender gap and
increase the participation of women at all levels within the organization. In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with the UN
Women’s Women Empowerment’s Principles (WEPs) – Equal Opportunity, Inclusion, and
Nondiscrimination.

For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in
Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and
“Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker
International Excellence in Retail Financial Services Awards.

Notably, in 2022, the Bank took a long stride on its growth trajectory with the Bank’s Viability
and Long-Term Issuer Default Ratings upgraded to ' B' from ' B-' (with Outlooks Stable) by Fitch, a leading global rating agency. This is an indication of the Bank’s strong internal capital
generation and the corresponding recession of its risks to capitalization. Fitch also upgraded the
Bank’s National Long-Term Ratings to ' A (nga)' from ' BBB (nga)' to reflect its improved creditworthiness relative to that of other issuers in Nigeria. Furthermore, the Top 100 African
Bank rankings 2022 released by The Banker Magazine revealed FirstBank’s ranking as
number one in Nigeria in terms of Overall Performance, Profitability, Efficiency, and Return on
Risk.

Other laudable feats in 2022 include FirstBank’s international recognition on major indices by
Euromoney Market Leaders, an independent global assessment of the leading financial service
providers where FirstBank was crowned:

1. Market Leader: (tier-1 recognition) in Corporate and Social Responsibility (CSR),
2. Market Leader: (tier -1 recognition) Environmental, Social and Governance (ESG),
3. Highly Regarded: in Corporate Banking and Digital Solutions,
4. Notable: in SME Banking.

Also, in 2022 International Finance Magazine named the Bank “Most Innovative Banking
Product in Nigeria” and “Best Retail Bank in Nigeria”. FirstBank was also awarded “Best
Corporate Banking Western Africa, 2022” and “Best CSR Bank Western Africa, 2022’’ by
Global Banking and Finance Magazine. Other notable awards in FirstBank coffers include:
“Best Bank in Nigeria” by Global Finance magazine – fifteen times in a row; “Best Private Bank
in Nigeria-2021” awarded by Global Finance magazine; “Best Internet Banking Nigeria” and
‘’Best CSR Bank Africa’’ by International Business Magazine.

In 2023, FirstBank received notable awards including “Best Private Bank for Sustainable
Investing in Africa 2023” by Global Finance Awards; “Best Sustainable Bank in Nigeria 2023” by
International Investors Awards; “Best Bespoke Banking Services in Nigeria 2023” by
International Investors Awards; “Best Financial Inclusion Service Provider in Nigeria 2023” by
Digital Banker Africa; and “African Bank of the Year” by African Leadership Magazine; ’’Best
Corporate Bank in Nigeria 2023’’ by Euromoney Awards and ‘’Most Innovative Banking Brand
– Nigeria 2023’’ by Global Brands Award.

Other laudable feats in 2023 include FirstBank’s international recognition on major indices by
Euromoney Market Leaders, an independent global assessment of the leading financial service
providers where FirstBank was crowned:

 Market Leader: (tier-1 recognition) in Corporate Banking,
 Market Leader: (tier -1 recognition) in Digital Solutions,
 Highly Regarded: Corporate and Social Responsibility (CSR),
 Highly Regarded: Environmental, Social and Governance (ESG),
 Notable: in SME Banking.

Significantly, FirstBank’s Global Credit Rating was A+ with a positive outlook while ratings by
Fitch and Standard & Poor’s were A (nga) and ngBBB+ respectively both with Stable outlooks
as of September 2023. FirstBank maintained the same level of international credit ratings with
the sovereign; a milestone that was achieved in 2022 for the first time since 2015.

Our vision is ‘To be Africa’s Bank of first choice’ and our mission is ‘To remain true to our name
by providing the best financial services possible. This commitment is anchored on our core
values of EPIC – Entrepreneurship, Professionalism, Innovation, and Customer-Centricity. Our
strategic ambition is ‘To deliver accelerated growth in profitability through customer-led
innovation and disciplined execution and our brand promise is always to deliver the ultimate
“gold standard” of value and excellence to position You First in every respect.

Folake Ani-Mumuney
Group Head, Marketing & Corporate Communications
First Bank of Nigeria Limited

AltBank, Sterling One Foundation, Lagos Foodbank combat hunger, champion education

Sahara Weekly Reports That The Alternative Bank Limited (AltBank) has announced a strategic collaboration with FoodBank and Sterling One Foundation to raise approximately N20 million in support of hunger alleviation and educational initiatives. This initiative aligns with the theme of the African Union Summit 2024, “Educate and Skill Africa for the 21st Century.”

Hassan Yusuf, the Managing Director of The Alternative Bank, unveiled this plan in a press release, highlighting the forthcoming AltWalk event as a pivotal fundraising platform.

“Through this initiative, we aim to mobilize contributions from both internal and external stakeholders, reaffirming our commitment to education and societal welfare,” stated Hassan.

The fundraising campaign aims to secure N20 million, with the proceeds serving dual purposes: providing meals for underserved communities and orphanages through the Lagos FoodBank initiative and delivering quality educational support via Sterling One Foundation.

This campaign targets individuals, families, businesses, and organizations committed to ending hunger, improving education, fostering healthy living, and positively impacting society. Prospective donors are encouraged to contribute through https://altbank.ng/walk/.

Stakeholder participation and donations are poised to substantially impact critical social issues, including hunger reduction, enhanced education, and healthier lifestyles.

Yusuf emphasized AltBank’s dedication to empowering customers through innovative solutions in health, food security, and education, positioning them for success in the 21st century. He stressed that education is central to the bank’s mission of bolstering the economy and enhancing financial well-being across society.

AltBank, Nigeria’s most recent entrant into the financial services sector, made a grand entrance with simultaneous launch events in Lagos, Abuja, and Kano, marking the country’s first multi-city brand launch. As the ethical banking arm of Sterling Financial Holdings, The Alternative Bank originated in 2014 as Sterling Alternative Finance under Sterling Bank Plc’s non-interest banking license. It has since evolved into a prominent player in Nigeria’s non-interest banking sector.

About Lagos FoodBank

Lagos Food Bank is a non-profit, nutrition-focused initiative committed to fighting hunger, reducing food waste, and addressing malnutrition through targeted programs. Their initiatives aim to improve the nutrition and food intake of vulnerable populations, including children, pregnant women, lactating mothers, seniors, and impoverished families.

About Sterling One Foundation

The Sterling One Foundation catalyzes positive social impact across critical sectors of the Nigerian economy. Motivated by the distinct challenges faced by millions of Africans, the foundation aims to achieve Sustainable Development Goals (SDGs), capitalize on the demographic dividend, and improve the standard of living for underserved communities. Through stakeholder-driven interventions, it focuses on employability, sustainability, wealth creation, socioeconomic development, and national progress.Inline image

ZENITH BANK ACHIEVES HISTORIC MILESTONES IN 2023 WITH STELLAR TRIPLE-DIGIT TOPLINE AND BOTTOM-LINE GROWTH 

Zenith Bank Plc has announced its audited results for the year ended December 31, 2023, achieving a remarkable triple-digit growth of 125% in gross earnings from NGN945.6 billion reported in 2022 to NGN2.132 trillion in 2023. According to the audited financial results for the 2023 financial year presented to the Nigerian Exchange (NGX), this impressive triple-digit growth in gross earnings resulted in a Year-on-Year (YoY) increase of 180% in Profit Before Tax (PBT) from NGN284.7 billion in 2022 to NGN796 billion in 2023. Profit After Tax (PAT) also recorded triple-digit growth of 202% from NGN223.9 billion to NGN676.9 billion in the period ended December 31, 2023.

The increase in gross earnings is primarily due to growth in interest and non-interest income. Interest income increased by 112% from NGN540 billion in 2022 to NGN1.1 trillion in 2023. Non-interest income grew by 141% from NGN381 billion to NGN918.9 billion in the same period. The increase in interest income is attributed to the growth in the size of risk assets and their effective repricing, alongside the rise in the yield of other interest-bearing instruments over the year. Growth in non-interest income was driven by significant trading gains and an increase in gains from the revaluation of foreign currencies.

The cost of funds grew from 1.9% in 2022 to 3.0% in 2023 due to the high interest rate environment while interest expense increased by 135% from NGN173.5 billion in 2022 to NGN408.5 billion in 2023. Notwithstanding the 32% growth in operating expenses in 2023, the Group’s cost-to-income ratio improved significantly from 54.4% in 2022 to 36.1% in 2023 due to improved top-line performance. Return on Average Equity (ROAE) increased by 118% from 16.8% in 2022 to 36.6% in 2023, underpinned by improved gross earnings, as the Group sought to deliver better shareholder returns. Return on Average Assets (ROAA) also grew by 95% from 2.1% to 4.1% in the same period.

The Group has continued to deepen its market leadership in key corporate and retail deposit segments as customer deposits increased by 69% from NGN9.0 trillion to NGN15.2 trillion in 2023. Its retail drive continues to yield dividends as retail deposits now constitute 46% of total deposits (compared to 44% in 2022) and grew by 77% from NGN3.97 trillion in 2022 to NGN7.04 trillion in 2023, also reinforcing increased customer confidence in the Zenith brand.

Total assets increased by 66% from NGN12.3 trillion in 2022 to NGN20.4 trillion in 2023, largely due to growth in total deposits and the revaluation of foreign currency deposits. Gross loans grew by 71% from NGN4.1 trillion in 2022 to NGN7.1 trillion in 2023 due to the revaluation of foreign currency loans and the growth in local currency risk assets. As a result of the disciplined and diligent approach to risk assets creation and management, the loan growth did not significantly impact the Non-Performing Loans (NPL) ratio, which increased marginally from 4.3% to 4.4% despite the heightened risk environment and challenging operating environment, an attestation to the Group’s resilience despite headwinds and a challenging macroeconomic environment. Also, the prudential ratios remain within regulatory thresholds, with the Capital Adequacy Ratio (CAR) and liquidity ratio at 21.7% and 71.0%, respectively, at the close of 2023.

As a demonstration of its commitment to shareholders, the bank has announced a proposed final dividend payout of NGN3.50 per share, bringing the total dividend to NGN4.00 per share.

In 2024, the Group will complete the transition to a holding company structure, which is anticipated to position it advantageously for exploring emerging opportunities in the Fintech space while bolstering its digital and retail banking initiatives. Furthermore, the Group is undertaking urgent necessary actions to meet the new minimum NGN500 billion equity capital requirement to maintain its international authorisation within the timeframe stipulated by the Central Bank of Nigeria (CBN). This will strengthen its presence in key markets to continue positioning for sustainable growth and value addition for stakeholders.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Best Bank in Nigeria, for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; the Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023, being listed in the World Finance Top 100 Global Companies in 2023; being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.