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The milestone celebration of a bank of many milestones provides an occasion for reflection on its contributions to Nigeria in various areas. Congratulations to the board, management, staff, shareholders and customers of First Bank of Nigeria Plc on 125 years of the institution. Its longevity speaks to strength and dynamism.
The first recourse of most respondents is to define the overall goal of business as operating profitably. Deeper reflection shows that this is a wrong diagnosis. Records show businesses that operated profitably and went down before the ink recording their success had dried.
The primary objective of business is to operate in such a manner as to ensure a continued stay in business. One hundred and twenty-five years after its incorporation, the trajectory of one of Nigeria’s foremost business enterprises proves that sustainable operations are a principal and principled objective of business worth pursuing. Sustainability is the first law of business success, and the promoter of sustainability, First Bank plc, is the proof of concept.
From its base on the then evolving Lagos marina in 1894, and subsequent offices in Calabar and Zaria, First Bank plc now operates in ten countries across three continents. Its records show it currently has 758 business locations, has issued about ten million cards while deploying approximately 3000 ATMs and runs with 7, 616 employees.
First Bank has total assets of more than N3.3 trillion, customer deposits of N2.6 trillion. Capital adequacy ratio of 18.9% is well above the mandatory base of ten per cent recommended by the regulator. Until the Access-Diamond bank combination, First Bank Plc was the biggest bank in Nigeria. It continues to play as one of the most significant corporate and retail financial institutions in sub-Saharan Africa and proudly answers to its self-description as “the premier and most valuable bank brand”.
Officials of First Bank of Nigeria plc hoisted a flag March 31, 2019, to symbolise its 125th birthday. They also staged a road walk, customer forums and several other events. They have good reasons to celebrate.
Since the effort of shipping magnate Sir Alfred Lewis Jones, the Bank of British West Africa has borne different names reflecting ownership and legal demands. It introduced modern banking to the countries that made up English-speaking West Africa. It was Bank of West Africa, Standard Bank and First Bank.
Managing Director Dr Adesola Adeduntan declared triumphantly during the celebration: “As a long-standing institution, which even predates Nigeria as a unified entity, FirstBank is entrenched in the nation’s development; woven into the very fabric of society, with our involvement in every stage of national growth and development.At the amalgamation, independence and through the seasons ever after, we have been here marching hand-in-hand with you and our dear nation. We have enabled financial, technological, industrial and societal advancements, achieving very many firsts over time.”
The bank has played pivotal roles in financial services in Nigeria and West Africa. It was in its salad days the financial services regulator and banker of last resort for English-speaking West Africa. It financed the expansion of the railways in Nigeria. It listed on the Nigerian Stock Exchange in 1971 and played significant roles in the growth of electronic payments and mobile banking.
The market regards First Bank as one of the most credible institutions in the land with high corporate governance standards and commitment to best practice. It is one of the few institutions in Nigeria with standards certification from the International Standards Organisation (ISO) in Information Security Management Functions (ISO/IEC 7001-2005) and Business Continuity Management System.
With growth has come expansion and diversification. First Bank is part of a diversified holding group that plays in several fields. These include merchant and mortgage banking, securities trading, and asset management. Others are trusteeship services, insurance and brokerage.
First Bank is proof of the value of a good name in the business. Regulatory shakedowns strengthened its sinews and enhanced its reputation. It has also kept pace with changes in technology and other support services.
An abundant and overflowing trophy cabinet attests to the high-performance credentials and regard of the market for this eponymous bank. We toast to the next 125 years of First Bank and urge it to continue treading the right path. Its call now is to do more and better in financial intermediation for the economy.
