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Tag: First Bank

  • Tallest building in Nigeria, other things to Know about First Bank’s new headquarters

    Tallest building in Nigeria, other things to Know about First Bank’s new headquarters

    First Bank will, today, Wednesday, March 5, conduct the groundbreaking ceremony for its new green-certified iconic head office building at Eko Atlantic City, Lagos.

    A statement by Ag. Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited, Olayinka Ijabiyi, said the 40-storey building project is designed to be the tallest building in Nigeria.

    “It will be an engineering and environmental delight due to its technologically advanced, eco-friendly and sophisticated construction which would set a new standard for the financial services sector in Africa,” the statement said in part.

    Here are some things to know about FirstBank’s new state-of-the-art eco-friendly headquarters

    1. Tallest Building in Nigeria – The new headquarters, a 40-storey skyscraper, is set to become Nigeria’s tallest building, redefining Lagos’ skyline.

    2. Location in Eko Atlantic City – The headquarters will be situated in Eko Atlantic City, a modern city built on reclaimed land, reinforcing First Bank’s commitment to innovation and sustainability.

    3. Eco-Friendly and Green-Certified – The building is green-certified, designed to reduce operational costs and environmental impact, making it a model for sustainable banking infrastructure in Africa.

    4. Engineering and Technological Marvel – The structure will be technologically advanced, integrating sophisticated construction techniques that set a new benchmark for the financial sector.

    Read Also: FirstBank holds groundbreaking ceremony for new State-of the-Art Eco-friendly Headquarters

    5. Symbol of First Bank’s Legacy – With over 130 years of existence, the new head office represents First Bank’s commitment to excellence, innovation, and long-term growth.

    6. Driving Economic Growth – First Bank Group CEO, Olusegun Alebiosu, emphasised that the project will contribute to economic development across Africa and create long-term value for stakeholders.

    7. High-Profile Groundbreaking Ceremony – The event will be attended by President Bola Ahmed Tinubu, Senators, Lawmakers, Governors, Federal Ministers, and business leaders, showcasing the national significance of the project.

    8. Femi Otedola’s Endorsement – The Chairman of FirstHoldCo, Femi Otedola, highlighted the importance of collaboration in bringing the ambitious vision to life, appreciating customers and stakeholders for their support.

    9. Commitment to Customer Satisfaction – The building is designed to enhance operational efficiency, ensuring better service delivery and an improved banking experience for customers.

    10. A Transformational Journey – The groundbreaking marks the beginning of a new era for First Bank, reinforcing its leadership in the banking industry and its commitment to sustainability and innovation.

  • Rotary, First Bank partner on empowerment

    Rotary, First Bank partner on empowerment

    Rotary International District 9111, in partnership with First Bank, is set to empower 132 beneficiaries with start-up kits across various trades tomorrow in Ikeja GRA, Lagos.

    District Governor Nominee, Rotary International District 9111/Project Coordinator, Bukola Bakare, said the  beneficiaries will get free   grinding machines, plumbing kits, deep freezers, sewing machines, generators, gas burners and cylinders, barbers and hairdressers kits, among others.

    “The community intervention project has beneficiaries from the three major ethnic groups in Nigeria drawn from Lagos and Ogun states.

    “We have a 10-year community empowerment plan, which is supported by First Bank as part of their CSR.”

    District 9111 Governor, Dr Wole Kukoyi, spoke on the significance of empowerment in Rotary’s initiatives and called for the government’s collaboration to reach the vulnerable groups ìn various communities as a means of poverty reduction.

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    “Rotary’s Empowerment Initiative complements government efforts and stresses the need for recognition and partnership to enhance community development.

     “We know that the government alone cannot eradicate poverty completely and also achieve meaningful youth empowerment, hence our resolve to carry out these programmes to complement the government’s efforts.

    “So, we expect the government to recognise Rotary for what it does, and then partner with us accordingly following the type of cooperation we have with First Bank of Nigeria Limited,” he said.

     Last year, out of 102 that were empowered, 22 were from the Lagos State Agency for Mass Education’s vocational training centres.

  • GHL: we floored First Bank in court

    GHL: we floored First Bank in court

    In a landmark victory for General Hydrocarbons Limited (GHL), the Federal High Court in Lagos has set aside an order of Mareva injunction freezing the assets of the company and its directors.

    The court upheld the arguments of GHL’s counsel, Abiodun Layonu (SAN), as well as the arguments of Olumide Aju (SAN) representing the second to fifth defendants.

    It held that the injunction violated an existing order from a court of concurrent jurisdiction.

    Justice Dehinde Dipeolu ruled that when compared with an earlier order issued by Justice Ambrose Lewis-Allagoa in Suit No. 1953, the Mareva injunction should be set aside.

    The court found that First Bank of Nigeria and FBNQuest LTD, at whose instance the order was procured, failed to fully disclose Justice Lewis-Allagoa’s order, which made the Mareva injunction incompatible with the earlier ruling.

    The court consequently agreed with GHL and the second to fifth defendants that First Bank deliberately “suppressed facts” to mislead the court into granting the order against GHL.

    The court, in the circumstance, said it had no choice but to set aside the order freezing GHL accounts as well as the accounts of all the other defendants in the case.

    First Bank had approached the court via an ex-parte application against GHL and 15 other entities even when there was a subsisting judgment.

    Responding to the suit, GHL and some of the defendants urged the court to discharge the order freezing its assets and accounts on the grounds that the court was misled in granting same.

    The oil firm argued that the order was obtained through fraudulent misrepresentation and concealment of material facts.

    GHL and other applicants accused First Bank of misleading the court to obtain orders against them.

    They argued that had all the facts been presented before the trial judge, the order against them would not have been granted.

    The trial judge upheld GHL’s arguments and consequently set aside the freezing order.

    Justice Dipeolu held: “Based on all of my findings above, I hold that the first defendant/applicant’s motion on notice dated the 13th of January 2025 succeeds.

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    “The Mareva order of 30th December 2024 is hereby set aside.”

    The judge added: “Therefore, the second to fifth defendants/applicants’ alternative relief succeeds to the extent that the Mareva order of 30th December 2024 is set aside against the second to fifth defendants. This is the ruling of the court.”

    Meanwhile, GHL directors who were also negatively affected by the ex-parte freezing order have begun proceedings worldwide against First Bank.

    They are seeking $1 billion each in damages for defamation and wrongful freezing of their accounts.

    GHL said it would also file a petition against First Bank lawyers Babajide Koku (SAN) and Victor Ogude (SAN) before the Legal Practitioners Privileges Committee (LPPC).

    First Bank had prayed that the order freezing the assets and accounts of GHL and its related entities should subsist pending the outcome of its substantive suit to recover an alleged $225.8 million it said it loaned GHL.

    GHL is an oil servicing firm owned by Mr Nduka Obaigbena, Chairman of Arise and publisher of ThisDay Newspapers.

    FirstBank said it extended several credit facilities to GHL for the development of some oil mining lease assets.

    The bank said while it diligently performed its obligations under the loan agreements, GHL allegedly breached them.

    GHL denied owing First Bank, saying it signed the agreement trusting that the lender would comply with its obligations to fund OML 120, “but it has clearly not done so”.

    The Federal High Court in Port Harcourt had also granted an order to arrest and detain the crude oil cargo on board the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni belonging to GHL based on an application by First Bank.

  • Court reserves ruling in First Bank, GHL dispute

    Court reserves ruling in First Bank, GHL dispute

    The Federal High Court in Lagos has reserved a ruling on the General Hydrocarbons Limited (GHL) application seeking to lift the restrictions placed on its accounts.

    First Bank of Nigeria Limited urged the court to uphold the order.

    The bank prayed that the order freezing the assets and accounts of GHL and its related entities should subsist, pending the outcome of its substantive suit to recover the $225.8 million it said it loaned the oil company.

    The bank objected to GHL’s application through its lawyer, Victor Ogude (SAN).

    In its motion to lift the restraining order, GHL contended that the bank did not disclose all the facts to the court before the Mareva injunction was issued.

    Justice Deinde Dipeolu granted the Mareva injunction on December 30 based on an application by First Bank and FBNQuest Trustees Limited.

    Aside from GHL and Obaigbena, other defendants in the suit are Efe Damilola Obaigbena and Olabisi Eka Obaigbena (first to fourth defendants), who are the directors.

    The others are GHL 121 Ltd, Aimonte Nigeria Limited, Calidin Global Resources Limited, CESL Oyo Production BBS Limited (owner of FPSO Tamara Tokoni) and CESL Oyo Production O & M Limited.

    The rest are Vitol SA, Mercuria Energy Trading SA, Trafigura PTE Limited, Glencore Energy UK Limited, Schlumberger Nigeria Limited, Schlumberger Overseas SA and Baker Hughes Oilfield Services.

    The judge had bared GHL and the Obaigbenas from transferring or dissipating any of their assets located in Nigeria, whether movable or immovable until the court decides on the Motion on Notice for an interlocutory injunction.

    Arguing for the lifting of the order, GHL’s counsel, Abiodun Layonu, claimed that the bank’s suit was an abuse of the court process.

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    He told the court that the bank failed to disclose an earlier order granted by Justice Ambrose Lewis-Allagoa that restrained it from taking further action to recover the loan until the parties subjected themselves to arbitration.

    Layonu urged the court to dismiss the Mareva injunction, arguing that the judge was misled into granting it.

    He said the order has caused significant financial harm to GHL.

    However, Ogude asserted that First Bank did not deceive the court in obtaining the order.

    He insisted that the bank provided all relevant facts in its supporting affidavit.

    According to him, the parties before Justice Lewis-Allagoa’s are different from those before Justice Dipeolu.

    He said nothing in the earlier order prevents First Bank from pursuing the current matter.

    The SAN noted that no law restricts the bank’s constitutional right to seek judicial redress over disputes.

    Ogude said the Obaigbenas are named in the suit in their capacities as directors of GHL.

    He urged the court to dismiss GHL’s suit as incompetent and set a date for the hearing of the substantive suit.

    After hearing the parties, Justice Dipeolu reserved the ruling for a later date, which will be communicated to the parties.

  • ‘We are deepening our commitment to arts and entertainment’

    ‘We are deepening our commitment to arts and entertainment’

    First Bank of Nigeria has reiterated its dedication to supporting Nigeria’s arts and entertainment industry through its sponsorship of the YouTube series “A Heart on the Line.” 

    Speaking at the launch, the bank’s Managing Director/Chief Executive Officer, Olusegun Alebiosu, represented by Group Executive of Private Banking and Wealth Management, Idowu Thompson, highlighted the initiative as part of the bank’s efforts to promote Nigerian arts and culture. 

    “A Heart on the Line” is a captivating series exploring themes of love, family, resilience, and sacrifice.

    According to Thompson, First Bank’s support goes beyond financial sponsorship, aiming to globally showcase Nigerian creativity and foster cultural appreciation. 

    He further noted that the project aligns with the bank’s strategy to engage younger generations and bridge the gap between traditional and modern perspectives.

    The series is currently available on YouTube, with plans for broader distribution in the future. 

    Addressing the bank’s motivation, Thompson cited the arts and entertainment industry as a vital contributor to Nigeria’s economy, with the film sector alone adding $600 million to the GDP in 2021.

    He emphasized First Bank’s commitment to promoting Nigerian culture, creating jobs, and elevating Nigeria’s global reputation. 

    Film producer Ms. Abimbola Craig praised First Bank for its crucial role in bringing the series to life, commending the bank’s support in funding the production.  

  • First Bank to expand presence in China presence

    First Bank to expand presence in China presence

    First Bank of Nigeria Plc has announced plans to strengthen its operations in China by expanding beyond its current presence in Beijing to other major commercial hubs such as Guangdong and Shanghai.

    This strategic move is designed to show the bank’s commitment to fostering deeper ties with the Chinese market and businesses.

    The Chief Executive Officer of FirstBank Group, Mr. Olusegun Alebiosu, made this known during the 2024 China-Africa Inter-Bank Association (CAIBA) Forum in Abuja. The forum, sponsored by FirstBank, highlighted the bank’s role in advancing trade and investment between Africa and China.

    According to Mr. Alebiosu, the planned expansion demonstrates the strategic importance FirstBank places on China as a critical partner in its global operations. “FirstBank is fully committed to the achievement of this overarching CAIBA objective within the shortest possible timeframe,” he said.

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    He further stated the bank’s innovative approach to understanding and catering to Chinese businesses operating in Africa and beyond. “As an institution, through our dedicated Chinese Desks (manned with both Chinese nationals and Mandarin-speaking personnel), we have taken concrete steps to improve our understanding of the Chinese culture, business philosophy, and the needs of the numerous Chinese firms operating across all our operating countries,” Mr. Alebiosu stated.

    FirstBank’s international presence spans three continents, with subsidiaries in Africa, Europe, and Asia. Its global footprint includes FirstBank UK Limited, operating in London and Paris; FirstBank subsidiaries in The Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone, and Senegal; and a representative office in Beijing, China.

    The bank’s international subsidiaries facilitate international cross-border transactions, with the representative offices in Paris and Beijing playing crucial roles in trade flows between Asia, Europe, Nigeria, and other African countries.

    FirstBank’s commitment to expanding its operations in China reflects its broader strategy of driving trade and economic cooperation between Africa and the rest of the world and also solidifying its position as a key player in global financial markets.

  • SME Scale Up Partners First Bank to Drive Success for Businesses

    SME Scale Up Partners First Bank to Drive Success for Businesses

    SME Scale Up has concluded another session of its bi-monthly event on November 15, 2024. Held at the Radisson Blu Anchorage Hotel in Lagos, with both physical and virtual participation options, the event featured a strategic collaboration with First Bank to reaffirm its dedication to helping small and medium-sized enterprises (SMEs) overcome growth challenges and scale effectively.

    Themed “A Journey To Self Discovery,” the one-day workshop adopted an interactive format that leveraged real-life case studies and business simulations to equip CEOs, entrepreneurs, executives, and small business owners with practical tools and actionable insights for success.

    The session featured distinguished speakers such as Ziad Malouf, Convener of SME Scale Up; Bolatito Akiboye, Head of Wholesale Value Chain Management at First Bank; and Ife Durosinmi-Etti, Founder of Herconomy who all brought their wealth of experience to the workshop.

    Through their engaging sessions, these thought leaders provided actionable advice, delivered personalized assessments, and offered strategies to help SMEs navigate business challenges.

    Speaking on this year’s edition, Ziad, the Convener of SME Scale-Up, commended the outcome:

    “This year’s SME Scale Up is exceeding expectations, delivering on its promise to inspire entrepreneurs, business owners, and CEOs, providing them with the tools to overcome growth barriers. I’m confident that the strategic blend of the practical sessions coupled with case studies will leave the attendees equipped with actionable steps to take their businesses to the next level.”

    Bolatito Akiboye, Head of Wholesale Value Chain Management, First Bank expressed her excitement at being a part of the SME Scale-Up’s third edition.

    “It was an absolute privilege to be part of SME Scale-Up and contribute to the growth and development of small businesses in Nigeria. Having First Bank partner with SME Scale Up aligns perfectly with our mission to provide innovative solutions and support for entrepreneurs to thrive. I’m also excited to have shared insights and strategies that will help business leaders achieve sustainable growth.”

    Similarly, Ife Durosinmi-Etti, Founder of Herconomy, praised the consistency of the annual workshop in delivering on its commitment to empowering SMEs:

    “SME Scale-Up continues to set the standard for empowering small and medium businesses every year. It is inspiring to see how this platform keeps evolving and creating lasting value for SMEs across Nigeria. I am proud to be part of this impactful journey and look forward to witnessing even greater successes in the years to come.”

    The event ended with photos and networking sessions as participants at the event also attested to the success of the workshop which gave them key pointers on how to chart their business on the right course.

    About SME SCALE UP

    The SME Scale-Up platform is designed for CEOs and founders of Small and Medium Enterprises (SMEs) in Nigeria, offering resources to help them grow and expand their businesses. SME Scale-Up empowers businesses to overcome growth challenges and achieve lasting success through practical knowledge sharing, capacity building, and networking.

    For more information about SME Scale-Up, visit www.smescaleup.org or reach out on social media at @smescaleup.

  • First Bank to expand Chinese market presence

    First Bank to expand Chinese market presence

    First Bank of Nigeria Plc has announced plans to strengthen its operations in China by expanding beyond its current presence in Beijing to other major commercial hubs such as Guangdong and Shanghai.

    This strategic move is designed to show the bank’s commitment to fostering deeper ties with the Chinese market and businesses.

    The Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, made this known during the 2024 China-Africa Inter-Bank Association (CAIBA) Forum in Abuja. The forum, sponsored by FirstBank, highlighted the bank’s role in advancing trade and investment between Africa and China.

    According to Alebiosu, the planned expansion demonstrates the strategic importance FirstBank places on China as a critical partner in its global operations.

    “FirstBank is fully committed to the achievement of this overarching CAIBA objective within the shortest possible timeframe,” he said.

    He further stated the bank’s innovative approach to understanding and catering to Chinese businesses operating in Africa and beyond.

    “As an institution, through our dedicated Chinese Desks (manned with both Chinese nationals and Mandarin-speaking personnel), we have taken concrete steps to improve our understanding of the Chinese culture, business philosophy, and the needs of the numerous Chinese firms operating across all our operating countries,” Alebiosu stated.

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    FirstBank’s international presence spans three continents, with subsidiaries in Africa, Europe, and Asia. Its global footprint includes FirstBank UK Limited, operating in London and Paris; FirstBank subsidiaries in The Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone, and Senegal; and a representative office in Beijing, China.

    The bank’s international subsidiaries facilitate international cross-border transactions, with the representative offices in Paris and Beijing playing crucial roles in trade flows between Asia, Europe, Nigeria, and other African countries.

    FirstBank’s commitment to expanding its operations in China reflects its broader strategy of driving trade and economic cooperation between Africa and the rest of the world and also solidifying its position as a key player in global financial markets.

  • No disruption to our services, First Bank reassures customers

    No disruption to our services, First Bank reassures customers

    First Bank of Nigeria has reassured its customers that the enhanced supplier platform would not affect its banking experience, maintaining that banking operations are running smoothly.

    The bank also denied reports that a system upgrade is currently in progress, explaining that the message in question was intended exclusively for its vendors.

    The bank in a statement said its earlier notice was about transitioning from the current I-Supplier Platform, which connects FirstBank with suppliers, to a new Cloud-based Supplier Platform.

    The statement claims that there would be no interruptions to its services and that banking channels and client transactions will carry on as usual. 

    The bank advised clients to contact official channels for correct information on its services and to ignore any baseless rumors. 

    “We wish to address a misleading report circulating in the media regarding a system upgrade at FirstBank,” the statement read.

    “The message which was incorrectly interpreted and reported was sent to, and intended for our vendors only and focused on transitioning from our current I-Supplier Platform (our automated platform that connects us to suppliers) to a new Cloud-based Supplier Platform (worldclass platform for managing suppliers), to enable additional capabilities and benefits for our vendors.”

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    “We are not experiencing disruption to our services, and our banking systems, customer transactions, channels, etc, will not be affected by the enhanced supplier platform.

    “Rest assured that our commitment to seamless service delivery remains unwavering as you continue to enjoy uninterrupted access to our services,” the Management said.

  • First Bank Girls eye glory as Nigeria Basketball League dunks off in Lagos

    First Bank Girls eye glory as Nigeria Basketball League dunks off in Lagos

    Rising from a slow start, FirstBank Female Basketball team Elephant Girls– dunked off their opening match of the ongoing Zenith/Nigeria Basketball Women’s League Final-8 which dunks off at the Indoor Sports Hall of the National Stadium in Lagos on Thursday.

    Playing like a team infused with a winning bug, the Elephant Girls defeated their opponent Royal Aces by 76-46.

    Led by team captain, Theresa Joy Ebiega, the Elephant Girls took apart their opponent attracting loud applause from fans that trouped out to watch their favourite teams.

    Speaking shortly after overpowering their opponent, Ebiega said the team is ready to give their all to return the Elephant Girls to the high echelon where it rightly belongs.

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    Team’s Coach, Taye Adeniyi echoed Ebiega’s resolve saying the team will do everything it can to return to the number one position when it comes to Basketball in Nigeria.

    “We are Firstbank, we must come first in all our matches. This is our dream and we are going to achieve it”, she said. 

    The Elephant Girls still have the likes of Customs, Titans, and Bayelsa Whales among others to contend with if their dream is to come true. However, if the form that saw them winning all their matches in  Akure and Enugu qualifiers is anything to go by, then the Elephant Girls is the team to watch out for in the Zenith League Final 8.

    According to FirstBank, sponsoring and promoting the Elephant Girls is a banking giant’s way of growing and harnessing talents at all levels.