Banking
FirstBank: A Triumphant Return to the Nigerian Banking Frontline

The story of corporate Nigeria in 2022 cannot be complete without a chapter on the incredible performance of First Bank of Nigeria Limited, which saw the hitherto encumbered bank now returning to the top of the ladder of the Nigerian banking industry amid a harvest of international laurels, writes Festus Akanbi.
By December this year, Nigerian quoted companies will begin to upload their full-year 2022 results in compliance with the dictates of the principle of disclosures to regulators, investors and customers as enshrined in the act of corporate governance.
While the waiting game for the release of the more detailed full-year results continues, analysts said that bookmakers can only assess the current level of profitability, efficiency and recovery of these companies based on their half-year reports which began to hit the various media platforms from July.
For FirstBank, a subsidiary of the behemoth FBN Holdings Plc, the 2022 operation year has been characterised by a superlative performance which analysts believed signposts the confirmation of the bank’s return to the frontline of the Nigerian banking industry following its 2021 equally stellar performance.
From its half-year 2022 reports, which show a remarkable turnaround, and the ability of the management of the bank not only to resolve old corporate governance issues but also to return the bank to the path of profitability, it has been proven beyond any reasonable doubt that FirstBank has freed itself from old encumbrances and it is back to its old trajectory of breaking boundaries and being a pacesetter in the Nigerian banking industry.
For instance, analysts who believed that FirstBank’s current excellent performance is a reaffirmation of the new era of a return to greater and better times ahead are quick to point to the bank’s half-year 2022 results which proved the solidity of the financial institution and confirmed that it is back in form as a formidable industry leader.
Reinforcing Quantum Profitability Leap Agenda
For instance, in its half-year 2022 scorecard, FirstBank recorded a 22.6 per cent year-on-year growth in gross earnings to N338.5 billion while net interest income was up 49.3 per cent year-on-year to N152.9 billion respectively.”
The bank’s Managing Director/Chief Executive, Adesola Adeduntan, who gave this figure, disclosed that “Amidst a challenging operating and dynamic regulatory environment in the half year 2022, the commercial banking group remained focused on executing key initiatives to position the group for improved profitability in the full year 2022. Our half-year results further reinforced our drive towards our ‘Quantum Profitability Leap’ agenda.”
Adeduntan said, “On the back of the impressive growth recorded in our top line, our profit before tax recorded a strong growth of 40.0 per cent year on year to N60.0 billion, whilst profit after tax also grew by 42.3 per cent year on year to N53.3 billion as the bank continues to reap the dividends of the successful restructuring of our balance sheet and revamping of our risk management architecture.”
“We continue to record progress in driving down our non-performing loan ratio, which now stands at 5.4 per cent at the end of H1 and we are on target to bring it within the regulatory limit of 5 per cent by the end of full-year 2022.”
Awards and Recognitions: FirstBank’s Leading the Pack
In terms of recognition, there is no doubt that the ongoing transformation in FirstBank is globally recognised when one considers the harvests of awards and recognitions that are already pouring in for the bank.
Analysts said the awards and recognitions, which include those from the Fitch Ratings and The Banker awards and Euromoney rankings are testimonials of FirstBank’s consistent performance.
Fitch Rerating
Analysts maintained that the current Fitch rerating of FirstBank aligns with ratings of other global agencies (such as S&P: B- with a stable outlook; Moodys: B2 with stable outlook) – a confirmation of what industry peers already acknowledge – back to leading the pack.
On September 16, 2022, Fitch Ratings announced the upgrade of FBN Holdings Plc’s (FBNH) and First Bank of Nigeria Ltd’s (FBN) Long-Term Issuer Default Ratings (IDRs) to ‘B’ from ‘B-’, and according to the rating agency, the Outlooks are Stable. Fitch has also upgraded their Viability Ratings (VR) to ‘b’ from ‘b-’.
It explained that the upgrade of the Long-Term IDRs follows that of the VRs, reflecting that corporate governance irregularities publicly raised by the Central Bank of Nigeria (CBN) in April 2021, including two longstanding related-party exposures, have largely been addressed and therefore risks to capitalisation have receded, helped by strong internal capital generation since the irregularities were raised.
Governance Issues Laid To Rest
Following its monitoring of the Bank’s corporate Banking endeavours within the last year, the rating agency gave FirstBank a clean bill of health, saying the bank’s governance irregularities have been addressed, and according to the management of the bank, “the two related-party exposures highlighted by the CBN, which included equity and credit exposures to two companies of whom FBNH’s previous chairman was also chairman, have largely been disposed of and repaid. Fitch understands from management that FBNH and FBN have not been subject to penalties about irregularities raised by the CBN in April 2021, and no further irregularities have been raised.”
It also attests to the solidity of the bank, affirming that FBN is the third-largest bank in Nigeria, representing 11% of domestic banking-system assets at the end of 2021.
Another reason for the high rating is the fact that the bank’s improved asset quality since FirstBank’s impaired loans (Stage 3 loans under IFRS 9) ratio has declined significantly.
FirstBank also boasts of a Stable Funding Profile. For instance, FBN’s customer deposit base (76% of total funding at end-1H22) comprises a high share of retail deposits (64% at end-2021) and current and savings accounts (81% at end-1H22), supporting funding stability and a low-cost of funding. Depositor concentration is fairly low. Liquidity coverage is comfortable in local and foreign currencies.
Bankers Magazine: FirstBank Best Performing In Nigeria
It is also not a coincidence that FirstBank was rated first among its peers in Nigeria by Bankers Magazine, a publication of the Financial Times.
The Top 100 African Bank Rankings 2022, recently released by The Banker, shows FirstBank leading the Nigerian table in four areas, the highest achieved by any Nigerian bank; only FirstBank leads in four areas. The rankings, based on the end of year 31 December 2021 audited financials of all banks in the Top 100, reveal FirstBank’s ranking as number one in Nigeria in terms of Overall Performance, Profitability, Efficiency and Return on Risk.
The magazine, which explained that its Top 100 African Banks ranking for 2022, demonstrates a broad return to stability by African banks after a torrid year for the continent’s largest lenders placed FirstBank among other banks in Nigeria because it happened to be the only bank that led in four areas.
First Bank of Nigeria Limited leads its peers in fifth place overall, displacing Guaranty Trust Bank, now in seventh place. Access Bank ranks in the eighth position, with Zenith Bank in 10th place.
Euromoney Rankings: FirstBank, Market Leader
In addition, in 2022, Euromoney Market Leaders, an independent global assessment of the leading financial service providers conducted by Euromoney Institutional Investor Plc, crowned FirstBank as a market leader. The bank was rated as a tier-one bank in the areas of corporate and social responsibility (CSR).
Not only that, but FirstBank also emerged as a market leader among the tier-one banks in the area of Environmental, Social and Governance (ESG).
In the area of corporate banking and digital solution, FirstBank was highly regarded, while it was crowned as a notable player in SME Banking for the period under review.
FirstBank was named “Best Bank Brand in Nigeria” for six years in a row – 2011 to 2016 – by The Banker magazine of the Financial Times Group; it was awarded “Most Innovative Bank in Africa” in the EMEA Finance African Banking Awards 2014; it has clinched the “Best Bank in Nigeria” award by Global Finance Magazine 15 times and the “Best Private Bank in Nigeria” by World Finance Magazine seven times. Some other recent awards received by the Bank are “Best Banking Brand Nigeria, 2019” by Global Brands Magazine; “Best Mobile Banking App – Nigeria, 2019” by Global Business Outlook and “Best Financial Inclusion Program – Nigeria, 2019 by International Investor.
In the words of FirstBank’s CEO, Dr Adesola Adeduntan, ‘what all these current ratings and recognitions demonstrate is that FirstBank is strongly back on course! Knowing this is only the beginning of a new era of return to the trailblazing position and that better times lie ahead, we encourage our customers and other stakeholders to keep believing and keep standing by us.’
Banking On Robust Customer Service Network
Through the last 128 years of its operations, FirstBank has played a leading role in utilising its robust customer service network and digital banking architecture to support its customers – cutting across diverse cultures, tribes and races beyond the shores of Nigeria – in meeting their individual and business needs.
First Bank of Nigeria Limited operates as a parent company, with the subsidiaries FBNBank in the Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone and Senegal; FBN Bank UK Limited in the United Kingdom with a branch in Paris; First Bank Representative Office in Beijing to capture trade-related business between geographies. FirstBank also operates First Pension Custodian Nigeria Limited, Nigeria’s foremost pension custodian. The teeming customers of the First Bank Group are serviced from a network of over 700 business locations across Africa.
Banking
Sterling Bank Plans $400m Capital for Expansion

By Adedapo Adesanya
Sterling Financial Holdings Company is taking steps to raise $400 million in phases through multiple instruments and currencies as part of its expansion plans.
The move is also part of its broader strategy to expand operations and meet new regulatory requirements set by the Central Bank of Nigeria (CBN).
According to Bloomberg, the chief executive of Sterling Bank, Mr Abubakar Suleiman, confirmed the development in a phone interview on Wednesday.
The financial institution will use the proceeds for “long-term ambition to strengthen capital, deepen market presence and support sustainable growth,” Mr Suleiman said.
The capital raise will involve multiple currencies and be executed in stages, adding that separately, the bank is preparing to launch a public share offer within the current quarter to raise N100 billion.
Mr Suleiman described this as the final leg of its recapitalisation programme.
So far, Sterling Bank has secured N89.75 billion from earlier rights issues and private placements. With a remaining gap of N2.2 billion, the bank is intensifying efforts to close the shortfall by the end of the year.
Recall that Nigerian banks have less than a year to meet new capital requirements introduced by the CBN under the governorship of Mr Yemi Cardoso, part of a wider push to make Nigeria a $1 trillion economy by 2030.
The directive, which set a March 2026 deadline, mandates banks to bolster their capital bases in response to prolonged macroeconomic instability, including high inflation, weak economic growth, and repeated currency devaluations.
Bloomberg said while Mr Suleiman did not provide specifics, he disclosed that Sterling Bank plans to diversify beyond its two banking subsidiaries.
The company recently increased the capital base of its non-interest arm, The Alternative Bank, to meet the N20 billion regulatory requirement for standalone banks.
The company’s expansion plans, which align with its holding company structure adopted in recent years, mark another strategic response to an evolving regulatory landscape reshaping Nigeria’s financial services sector.
Banking
Africa-China Trade: Stanbic IBTC Bank Gets CNY800m Loan for Nigerian Firms

By Modupe Gbadeyanka
A CNY800 million term loan agreement has been secured by Stanbic IBTC Bank Limited from China Development Bank to provide enhanced financing solutions to Nigerian corporates and institutions engaged in Africa-China trade and investment flows.
A statement from the Nigerian lender disclosed that the partnership between the two organisations is expected to play a vital role in supporting Nigerian businesses, facilitating trade transactions, and encouraging foreign direct investment.
It also represents a significant step in Stanbic IBTC’s broader Africa-China strategy, which seeks to position the bank as the partner of choice for businesses seeking to participate in the growing economic corridor between Africa and China.
Also, the three-year loan, executed under the strategic collaboration framework between Standard Bank Group (SBG) and CDB, marks a significant milestone in deepening financial cooperation between Africa and China, underscoring Stanbic IBTC Bank’s direct access to Chinese Renminbi (CNY) liquidity from the Chinese market.
“We are delighted to announce this landmark agreement with China Development Bank, which reflects the strength of our strategic partnership and our collective commitment to Africa’s economic development.
“This facility provides us with direct access to much-needed Renminbi liquidity, enabling us to better serve our clients involved in Africa-China trade and investment.
“It is a significant step in advancing our Africa-China strategy, which is focused on unlocking growth opportunities, promoting cross-border trade, and driving sustainable development for Nigerian businesses,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.
Banking
Ecobank Unveils Innovative Financial Solutions for Sustainable Education Ecosystem

By Modupe Gbadeyanka
A comprehensive suite of innovative financial solutions tailored for all key stakeholders within the education ecosystem has been introduced by Ecobank Nigeria Limted.
According to the affiliate of the leading pan-African banking group, Ecobank Group, these offerings will drive financial inclusion, operational efficiency, and sustainable growth across the sector.
At the unveiling of the solutions in Lagos, the Executive Director for Commercial and Consumer Banking at Ecobank Nigeria, Mr Kola Adeleke, disclosed that the products would address real-world challenges, enabling all participants, from institutions and educators to families and partners, to thrive.
For school owners and educational leaders, Ecobank offers cash-backed loans to support both operational and capital expenditures.
These are complemented by treasury management tools that enhance financial oversight, along with digital collection platforms that ensure seamless and efficient school fee processing.
Teachers and non-teaching staff also stand to benefit significantly, as the lender provides salary access tools that enable timely and flexible income management, career development programs to support continuous professional growth, and financial wellness plans designed to promote long-term financial stability.
As for suppliers and partners within the education value chain, they will benefit from tailored financial solutions such as invoice factoring for improved cash flow, inventory financing to maintain operational continuity, and marketplace visibility to expand their reach and business opportunities within the sector.
“Our integrated financial and non-financial propositions form part of a broader strategy to strengthen our leadership in the education financing space, while contributing meaningfully to national and continental goals around access, equity, and excellence in learning.
“We have designed these solutions to meet the diverse needs of school proprietors, teaching and non-teaching staff, students, and parents. Ecobank is committed to empowering the education sector through seamless collections, access to credit, and a suite of sustainability-focused offerings.
“Education is a pillar of national development, and we recognize the sector as an integrated system of needs and opportunities. Our goal is to support this system not just with financing but also with digital tools, career development programs, and sustainability initiatives,” Mr Adeleke said.
Also, the Head of Education, Faith, and Social Services at Ecobank Nigeria, Ms Adebukola Ademiluyi, noted that by integrating smart financing with sustainability, digital infrastructure, and inclusive participation, Ecobank is pioneering a full-service banking model tailored to the realities of Africa’s education sector.
“More than just funding, we are enabling seamless school management systems through API partnerships that digitize operations such as student registration, staff payroll, inventory management, and parental communication.
“We also place strong emphasis on supporting parents and guardians, providing financial planning tools, access to student loans, merit-based scholarships, and child progress monitoring systems. These innovations are designed to ease financial burdens and deepen parental involvement in their children’s academic journeys,” she said.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy2 years ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology5 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN