By Eyo Nsima
First Bank of Nigeria has concluded plans to hold Nigeria’s Economic Outlook virtually on January 20, 2023.
The event aims at enabling its customers and the public to make informed decisions as 2023 begins.
In a message to its customers, the bank, stated: “As businesses and individuals, we often set goals ahead in the year. This comes with a determination to achieve this set objective, in spite of the uncertainties that lie ahead.
“In our bid to continually put YOU first, we bring you The Nigeria Economic Outlook once again. Join us as we focus on the domestic and international economic activities – ranging from inflation, currency devaluation, reserves and Gross Domestic Product, GDP to foreign exchange and their impact on households and businesses.”
According to First Bank, the event will have Dr. Biodun Adedipe, Founder of B. Adedipe Associates Limited, as a Guest speaker.
In information obtained from its website, First Bank of Nigeria Limited maintained that it remains, “the premier Bank in West Africa, Nigeria’s number one bank brand and the leading financial services solutions provider in Nigeria.
“The Bank was founded by Sir Alfred Jones, a shipping magnate from Liverpool, England. With its head office originally in Liverpool, the Bank commenced business on a modest scale in Lagos, Nigeria under the name, Bank of British West Africa (BBWA).
“In 1912, the Bank acquired its first competitor, the Bank of Nigeria (previously called Anglo-African Bank) which was established in 1899 by the Royal Niger Company. In 1957, the Bank changed its name from Bank of British West Africa (BBWA) to Bank of West Africa (BWA). In 1966, following its merger with Standard Bank, UK, the Bank adopted the name Standard Bank of West Africa Limited and in 1969 it was incorporated locally as the Standard Bank of Nigeria Limited in line with the Companies Decree of 1968.
“Changes in the name of the Bank also occurred in 1979 and 1991 to First Bank of Nigeria Limited and First Bank of Nigeria Plc, respectively. In 2012, the Bank changed its name again to FirstBank of Nigeria Limited as part of a restructuring resulting in FBN Holdings Plc (“FBN Holdings”), having detached its commercial business from other businesses in the FirstBank Group, in compliance with the new regulation by the Central Bank of Nigeria (CBN).
“FirstBank had 1.3 million shareholders globally, was quoted on The Nigerian Stock Exchange (NSE), where it was one of the most capitalised companies and also had an unlisted Global Depository Receipt (GDR) programme, all of which were transferred to its Holding Company, FBN Holdings, in December 2012.
“Building on its solid foundation, the Bank has consistently broken new ground in the domestic financial sector for over a century and two decades. FirstBank is present in the United Kingdom and France through its subsidiary, FBN Bank (UK) Limited with branches in London and Paris; and in Beijing with its Representative Offices there. In October 2011, the Bank acquired a new subsidiary, Banque International de Credit (BIC), one of the leading banks in the Democratic Republic of Congo. In November 2013, FirstBank acquired ICB in The Gambia, Sierra Leone, Ghana and Guinea, and in 2014, the Bank acquired ICB in Senegal. These were major landmarks in its plan for growing its sub-Saharan African footprint and all the African subsidiaries now bear the FBNBank brand.
“As the global operating environment evolves, FirstBank continues to keep pace, responding to the dynamic needs of its customers, investors, regulators, host communities, employees and other stakeholders. Through a balanced approach to plan execution, FirstBank has consolidated its industry leadership by maintaining transgenerational appeal. Thus, the Bank has continuously boosted its customer base, which cuts across all segments in terms of size, structure and sectors.
“Leveraging experience spanning over a century of dependable services, FirstBank has continued to build relationships and alliances with key sectors of the economy that have served as strategic building blocks for the well-being, growth and development of the country. With its huge asset base and expansive branch network, as well as continuous reinvention, FirstBank is Nigeria’s strongest banking franchise, maintaining market leadership on all fronts in the nation’s financial services industry.”
