To celebrate their 125th anniversary, First Bank released a documentary recounting their unique history with Nigeria since it was a colony in British West Africa. With the tagline “Woven into society”, the documentary covers its involvement with economic growth in Nigeria, corporate social responsibility, and funding businesses all over the country.
Last year, First Bank founded Start Performing Acts of Random Kindness (SPARK) and the initiative has done good deeds like providing a hearing aid for an aged former staff. SPARK has also funded heart surgeries for toddlers.
The institution’s history began in 1894 when a shipping company Elder Dempster run by Alfred Jones acquired the failing operations of the African Banking Operations in Lagos. Back then, First Bank was the Bank of British West Africa.
The bank expanded aggressively, opening up branches all over what would be called Nigeria, Ghana, and Sierra Leone. When the first branch opened up in Kano, a Northern businessman reportedly showed up with 3 camels carrying 20 bags of silver!
This is such a stark difference from the more modern banking system we see today; with millions of USSD and online transaction funding Nigerian lives every day.
It supported Nigerians running their businesses under colonial rule; helping to fund agriculture, trade, and services. It also acted as the Central Bank for the country for many years.
This institution has remained constant in the midst of changing governments and developing technologies; remaining steadfast and flexible.
According to Adesola Adedutan, the CEO of First Bank; “Encoded within the DNA of this institution is our capacity and ability to re-invent ourselves.”
The institution also prides itself in being the bank for Nigerian royalty; from the Obi of Onitsha to the Emir of Kano. It also has the largest customer base in Nigeria, with over 16 million customers; and 20,000 locations in Nigeria with an average distance of 7km between branches!
