Business
Heritage Bank, a ticking time bomb waiting to explode
Bank is bankrupt, unable to pay depositors’ funds
Experts accuse ex-CBN boss, Emefiele of politics, ask new chief to take action
The fortunes of the once bubbling Heritage Bank have continued to sink deeper and deeper, gradually moving from a state of comatose to a complete death situation with customers’ deposits on the line if nothing is done immediately by the Central Bank of Nigeria (CBN) to salvage the situation, THE WITNESS reports.
Founded with a unique philosophy to create, preserve and transfer wealth to its customers, today, the reverse is the case as the lender has continued to create, preserve and transfer anguish, pain and poverty to its depositors nationwide.
The bank was established in 2012 and began operations with a sweet story of hard work and determination emerging from a business combination of Heritage Banking Company Limited (HBCL) and Enterprise Bank Limited (EBL) after the acquisition of Societe Generale of Nigeria’s (SGBN) license by IEI Investment Ltd from the Central Bank of Nigeria (CBN). IEI Investment Limited is owned by Mr. Ifie Sekibo, the pioneer managing director cum chief executive officer of the bank.
The sweet story continued as Heritage Bank returned 100 per cent of existing SGBN account holders’ funds which were frozen at the closure of the SGBN. This move brought a lot of smiles to the faces of former account holders and inspired many of them to open new accounts with Heritage Bank. In October 2014, Heritage Banking Company Ltd successfully met the requirements of the Asset Management Corporation of Nigeria (AMCON) and the CBN toward owning 100% shares in Enterprise Bank Ltd.
SGBN, which was incorporated in December 1976 and commenced full banking operations in August 1977, pioneered the introduction of e-banking services including its flagship, the 24/7 Cashpoint through the Automated Teller Machines (ATMs) in 1990. Heritage Bank, however, continued with this legacy as the bank invested heavily on technology and in a few years, the lender rose to become one of the leading financial service providers in the country.
Despite finding itself in a fiercely competitive banking environment, the bank remained resilient, navigating through and was steadily rising to compete with the bigger Deposit Money Banks (DMBs) in the country.
Heritage Bank, however, ran into troubled waters in 2016 when the anti-graft agency, the Economic and Financial Crimes Commission (EFCC) raised its hammer against the lender following a series of alleged fraud and money laundering cases.
For instance, in one of those major cases, a Federal High Court in Ikoyi, Lagos had ordered the final forfeiture of the sums of N1,260,000,000, $327,132.35, £167.85 and €157.90 which were allegedly hidden in the bank. The order came following an ex parte application filed by the EFCC, against Heritage Bank and Secure Electronics Technology Limited. The funds were discovered, following an intelligence report received by the commission, and investigations which revealed no owner to the funds. In an affidavit in support of the application, EFCC stated that Heritage Bank did not provide any legitimate explanation for the monies and “consequently returned the said money through 16 separate bank drafts issued in favour of the EFCC Recovered Funds Account.”
Just immediately after this, in 2019, the bank again found itself battling with corporate governance and operational stability/sustainability issues, prominent of which included, but not limited to the acquisition of Enterprise Bank – a transaction that turned out to be a major strategic error – and non-performing loans (NPLs) portfolio, which was at the time, amongst the most challenged in the industry.
At the acquisition of Enterprise Bank, Heritage bought some outstanding loans over. Some influential personalities who had secured loans from the defunct Enterprise Bank however refused to pay back the facilities.
These and other impending factors however placed the bank on a slow pace, making it navigate steadily while setting up approaches to surmount its many challenges and return to its old glory.
From a rising profile and astrological growth, Heritage Bank’s shining light has however begun to dim and dim almost crossing the redline except something drastic is done by the CBN to rescue it.
It is however shocking that at a time the bank is in dire need of capitalization, the current managing director and chief executive of the bank, Mr. Akinola George-Taylor and some board members are entangled a boardroom tussle for the soul of the lender, compounding the bank’s many challenges.
Recall, that THE WITNESS had exclusively reported that the tussle which had led to the sack of several officials of the bank by Mr. George-Taylor was allegedly in a bid by a top shareholder of the bank to solely take over the lender and get rid of the owners.
Another report by an online newspaper (not THE WITNESS) suggested that the bank’s head of IT had absconded with a whopping N49 billion of depositors’ funds without trace. Although the lender had in a statement dismissed the news as “wrong and defamatory,” our investigations revealed that the situation in the bank has degenerated as some of its customers informed THE WITNESS that they have been unable to access their funds.
Fresh findings by THE WITNESS show that the bank’s bankruptcy issues, and inability to meet obligations to depositors have worsened and grown from bad to worse since Mr. George-Taylor assumed office as the bank’s head honcho in September 2022.
A visit by our correspondents to most of the bank’s branches in Lagos, Abuja, Ogun, Port Harcourt, Enugu and Benin City, shows that the entire system and activities of the bank has been completely shut down.
“Do you know that it’s so bad that they could not pay me a paltry sum of N50, 000 at the counter. I have been to branches on Victoria Island, Marina, Idumota, they said they don’t have cash to pay. I even asked my staff who lives on the Mainland to check their branches on Allen Avenue and at Adeniyi Jones, it’s the same story of no cash. My business is crumbling because I couldn’t access my funds in the bank. Their ATM machines have been shut down for months. Is it not time for the CBN to take over the bank and give us our money?” a frustrated customer of the bank, identified as Dabiri Adekunle told our correspondent during a visit to the bank’s branch located at Plot 115, Adeola Odeku Street, Victoria Island Lagos.
Some of the affected customers have, however, taken their pains to the social media even as the CBN keeps mute over the situation.
The bank is now a ticking time bomb waiting to explode.
Some depositors took the battle to the Facebook page of the bank, https://web.facebook.com/HeritageBankPlc to narrate their ordeal.
See below:
Heritage Bank, a ticking time bomb waiting to explode
Experts accuse Emefiele of politics, ask new CBN chief take immediate action
Meanwhile, financial analysts and stakeholders have tackled the CBN under the suspended governor, Mr. Godwin Emefiele for refusing to take action over the distressed state of the bank.
Some of the analysts who spoke to THE WITNESS accused Emefiele of playing politics at the expense of depositors’ sweat in the bank despite seeing the risk and not wielding its hammer on the bank despite its troubled and distressed state.
They however urged the new CBN chief to take immediate action by nationalizing the bank like others in the past to save it from complete collapse even as the lender crosses the redline.
Mr Henry Effiong, an economic analyst, told THE WITNESS that the CBN needed to take a closer look, considering that the bank is not listed on the capital market which would have enabled public scrutiny.
“I believe Heritage Bank is getting away with its underperformance because it is not listed on the capital market and not open to public scrutiny. The CBN needs to set up its oversight functions over these banks, especially those not listed on the exchange,” he asserted. But from what we can see, Heritage Bank is in dire need of re-capitalization and if the owners cannot step up on its task, the apex bank should rise to its responsibility by withdrawing its license and resurrecting the institution from complete collapse.
“I think the suspended governor of the CBN, Godwin Emefiele has some questions to answer about the state of Heritage Bank. He might have been involved in some kind of politics because why should he leave to degenerate to this state and pretend that all is well?
“The new Acting Governor of the CBN should immediately set up a committee to review the state of Heritage Bank and if necessary, revoke its license and restructure the bank to stay afloat,”
Making a similar case, Mr. Kayode Olorunfemi, a capital market expert noted that the quality of services Nigerian banks offer their customers are nothing to be desired, especially those not listed on the stock market.
“The major culprits are banks that are not listed on the stock exchange like Heritage Bank,” he said.
He explained further that, “when a bank’s leadership and corporate governance policies are zero, it will surely fail. This is the story of Heritage Bank.
“I think so many things are wrong with the bank and surprisingly, the CBN has feigned ignorance. The CBN needs to look into these banks to protect depositor’s funds, especially at this time that the economy is seriously challenged.
“It must take seriously the series of customers’ complaints against Heritage Bank and other banks that are not on the stock market.”
“We cannot afford to witness another drama in the banking sector like the 2009 crisis. It’s obvious Heritage Bank has failed the stress test,” he concluded.
Ozenna Utulu, the head of Corporate Communications of Heritage Bank did not respond to THE WITNESS calls placed to her mobile line for the bank’s position as at press time.
Business
FirstBank Champions Inclusive Fintech Innovation at Canada-Africa Fintech Summit (CAFS 2025)
FirstBank proudly sponsored the recently held Canada-Africa Fintech Summit (CAFS 2025), which took place from August 5–8 at the Sheraton Centre in Downtown Toronto. Convened by Dr. Segun Aina, President of the African Fintech Network, CAFS 2025 was a landmark event that united fintech leaders, regulators, startups, and investors from Africa and Canada to explore scalable digital solutions, encourage investment, and promote inclusive economic development across both continents.
As a legacy institution with over 131 years of leadership in financial services, FirstBank’s sponsorship highlights its commitment to fostering cross-border collaboration, financial inclusion, and forward-thinking innovation in the global fintech landscape. Olayinka Ijabiyi, Ag. Group Head, Marketing and Corporate Communications at FirstBank, stated, “Our support of CAFS 2025 reflects our belief that collaboration between African and Canadian fintech ecosystems can lead to transformative innovations. FirstBank is proud to help shape that future.”
During a high-level panel discussion with Rudy Cuzzeto, MPP for Mississauga–Lakeshore, and David Stevenson, Country Director for the United Nations World Food Programme (Nigeria), Chuma Ezirim, Group Executive for E-Business & Retail Products at FirstBank, stressed the significance of digital collaboration in Africa’s financial ecosystem. “We’re building APIs that understand regulatory bifurcation, who has access to what, and why. The technology is the easy part. The real challenge lies in maintaining security, consent, and performance,” he explained. “In Nigeria, fintech has evolved beyond disruption to convergence, integrating banks, fintechs, and regulators into an agile and accountable ecosystem.” He further emphasized that regulatory clarity is essential for building public trust and attracting private investment in fintech, stating, “The more we collaborate, the more lessons we learn, and the greater the benefits for consumers.”
In a separate panel discussion, Rachel Adeshina, Chief Technology Officer at FirstBank, shared insights on harnessing AI to enhance credit access for the underbanked. “We’re addressing data poverty by using AI to interpret alternative data, allowing us to lend to individuals who might otherwise be invisible to the traditional credit system,” she noted. Adeshina highlighted that FirstBank has disbursed over ₦1 trillion in digital loans through this AI-driven model, achieving a remarkable repayment rate of over 99%. “This innovation was enabled not only by technology but also by a supportive environment, including API banking regulations, data privacy laws, and a shift from account-based to wallet-based banking,” she added. She also underscored the importance of scalability through collaboration, stating, “In a fragmented continent like Africa, digital scale will come from interoperability. Connecting the 54 markets is the next big challenge, and fintechs are ideally positioned to lead that initiative.”
The summit formed part of Canada’s broader Africa Strategy, aimed at fostering economic partnerships, digital cooperation, and innovation exchange. As Africa’s digital finance ecosystem continues to grow and Canada develops its own open banking framework, events like CAFS 2025 provide a timely platform to align strategies and ignite collaborations.
About FirstBank
First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West Africa, a leading financial inclusion services provider in Africa, and a digital banking giant.
FirstBank’s international footprints cut across three continents ─ Africa, Europe and Asia, with FirstBank UK Limited in London and Paris; FirstBank in The Democratic Republic of Congo, Ghana, The Gambia, Guinea and Sierra Leone; FBNBank in Senegal; and a FirstBank Representative Office in Beijing, China. All the subsidiary banks are fully registered by their respective Central Banks to provide full banking services.
Besides providing domestic banking services, the subsidiaries also engage in international cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the representative offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other African countries.
For over 13 decades, FirstBank has built an outstanding reputation for solid relationships, good corporate governance, and a strong liquidity position, and has been at the forefront of promoting digital payment in the country with over 13 million cards issued to customers (the first bank to achieve such a milestone in Nigeria). FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with virtually over 25 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.
With over 43 million customer accounts (including digital wallets) spread across Nigeria, UK and sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale financial services through more than 820 business offices and over 280,000 agent locations spread across 772 out of the 774 Local Government Areas in Nigeria.
In addition to banking solutions and services, FirstBank provides pension fund custody services in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated services through First Nominees Nigeria Limited.
FirstBank’s commitment to Diversity is shown in its policies, partnerships and initiatives such as its employees’ ratio of female to male (about 41%:59%; and 37% women in management roles) as well as the FirstBank Women Network, an initiative that seeks to address the gender gap and increase the participation of women at all levels within the organisation. In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Women Empowerment’s Principles (WEPs) ─ Equal Opportunity, Inclusion, and Nondiscrimination.
For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and “Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker International Excellence in Retail Financial Services Awards.
Significantly, FirstBank’s Global Credit Rating was A+ with a positive outlook while ratings by Fitch and Standard & Poor’s were A (nga) and ngBBB+ respectively both with Stable outlooks as at September 2023. FirstBank maintained the same level of international credit ratings as the sovereign; a milestone that was achieved in 2022 for the first time since 2015.
In 2024, FirstBank received notable international awards and accolades. Some of these include Nigeria’s Best Bank for ESG 2024 and Nigeria’s Best Bank for Corporates 2024 both awarded by Euromoney Awards for Excellence; Best SME Bank in Africa and in Nigeria by The Asian Banker Global Awards; Best Private Bank in Nigeria and Best Private Bank for Sustainable Investing in Africa by Global Finance Awards; Best Corporate Bank in Nigeria 2024, Best CSR Bank in Nigeria 2024, Best Retail Bank in Nigeria 2024, Best SME Bank in Nigeria 2024 and Best Private Bank in Nigeria 2024 all awarded by the Global Banking and Finance Awards.
FirstBank has continued to gain wide acclaim on the global stage with several international awards and recognitions received so far in 2025 which includes Best SME Bank in Nigeria 2025 and Best SME Bank in Africa 2025 by The Asian Banker; Best Private Bank in Nigeria 2025 and Best Private Bank for Sustainable Investing in Africa 2025 by Global Finance Awards; SME Financier of the Year in Nigeria 2025 by The Digital Banker Global SME Banking Innovation Awards; Best Retail Bank in Nigeria 2025 and Best Bank for Empowering Women Entrepreneurs in Nigeria 2025 all by The Annual Global Economics Awards.
Our vision is “To be Africa’s Bank of first choice” and our mission is “To remain true to our name by providing the best financial services possible”. This commitment is anchored on our core values of EPIC – Entrepreneurship, Professionalism, Innovation and Customer-Centricity. Our strategic ambition is “To deliver accelerated growth in profitability through customer-led innovation and disciplined execution.”
Business
ZENITH BANK TOPS NIGERIA’S BANKING SECTOR FOR THE SIXTEENTH CONSECUTIVE YEAR IN THE 2025 TOP 1000 WORLD BANKS’ RANKING
Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year, in the 2025 Top 1000 World Banks’ Rankings, published by The Banker, Financial Times Group, United Kingdom. This ranking places Zenith Bank Plc as the 581st Bank globally, with a Tier-1 Capital of $2 billion.
The global rankings, published in the July 2025 edition of The Banker, was based on the 2024 year-end Tier-1 capital of banks. This is the primary basis for most international organizations’ assessments of banks.
Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said, “We are thrilled to have retained our position yet again as the Number One Bank in Nigeria by Tier-1 capital for the 16th consecutive year. This achievement is a reflection of the bank’s robust financial performance, prudent risk management and steadfast dedication to delivering exceptional value to our customers and stakeholders”. She thanked the Founder and Chairman, Jim Ovia, CFR, for his visionary and transformative leadership which has played a pivotal role in cultivating a resilient and thriving institution. She also expressed her deepest appreciation to the bank’s esteemed customers for their continued loyalty to the Zenith brand, the Board for the sound corporate governance, and the staff for their relentless & tireless efforts in ensuring the bank’s success.
Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from a regulator’s perspective. According to the ranking, Tier-1 Capital, as defined by the Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned. A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the Bank is well-capitalised and financially stable.
According to the audited financial results for the 2024 financial year presented to the Nigerian Exchange (NGX), the Bank recorded a double-digit growth of 86% in gross earnings, increasing from N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was driven by a 138% increase in interest income, supported by investment in high-yield government securities, and growth in the Bank’s loan book. Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024 from N796 billion in 2023. This performance saw the bank record an unprecedented total dividend payout of N195.67 billion at N5.00 per ordinary share in the 2024 financial year.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and being listed in the World Finance Top 100 Global Companies in 2023.
Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank was acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards from 2022 to 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.
Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.
Business
FIRSTBANK UNVEILS ADVANCED FACIAL BIOMETRIC TECHNOLOGY ON FIRSTMOBILE FOR SEAMLESS USER ENROLLMENT AND DEVICE ACTIVATION
FirstBank, the West Africa premier financial institution and financial inclusion services provider has launched an advanced facial biometric technology on its mobile banking application-FirstMobile, along with other exciting features that includes:
- Facial recognition sign-up and activation
- Virtual credit cards for secure online shopping
- Instant credit card activation
- Flexible salary advances with 3-month repayment options
- General improvements, bug fixes,
These upgrades all aim to provide customers with a seamless, secure, and efficient digital banking experience.
The new facial biometric feature enables users to activate or register on FirstBank’s mobile app- FirstMobile securely, using facial verification. This feature also includes an advanced anti-spoof detection, to enhance customer account protection and ensure robust security.
This innovative solution effectively addresses the diverse needs of customers, including new customers, diaspora customers without cards, individuals with lost or expired cards, those who have opted out of card use, as well as customers facing card verification failures or lacking convenient access to card details. This feature will provide seamless access to essential banking services, such as fund transfers and bill payments ensuring swift, reliable, and convenient transaction processing for all users.
The newly enhanced FirstBank mobile banking platform, FirstMobile, offers a comprehensive array of features and services designed to provide our customers with a seamless and innovative digital banking experience, no matter where they are in the world. With these substantial improvements, users can easily sign up and activate the app using just their face. They can shop online securely with a virtual credit card that is instantly issued and always accessible within the app. Additionally, customers can activate their new credit card directly from the app to start spending immediately. They also have the option to access salary advances with a convenient 3-month repayment plan.
“With these new services now live on FirstMobile, we are confident we will undoubtedly enhance our customers’ digital experience.” remarked Chukwuma Ezirim, Group Executive, E-Business and Retail Products Division, FirstBank. “FirstBank is committed to innovative ways of delighting our customers so that they can carry out their transactions with no stress and with utmost convenience. We understand the importance of keeping up with the evolving digital landscape, and we are dedicated to providing our customers with cutting-edge solutions that make banking simpler, faster, and more accessible. Our goal is to ensure that every interaction with FirstBank enhances customer satisfaction and builds long-lasting relationships”
To deliver on its promise of gold-standard banking services, FirstBank remains committed to advanced innovative solutions and robust secure security measures, to protect customer data and empower them to transact effortlessly and manage their finances effectively.
About FirstBank
First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West Africa, a leading financial inclusion services provider in Africa, and a digital banking giant.
FirstBank’s international footprints cut across three continents ─ Africa, Europe and Asia, with FirstBank UK Limited in London and Paris; FirstBank in The Democratic Republic of Congo, Ghana, The Gambia, Guinea and Sierra Leone; FBNBank in Senegal; and a FirstBank Representative Office in Beijing, China. All the subsidiary banks are fully registered by their respective Central Banks to provide full banking services.
Besides providing domestic banking services, the subsidiaries also engage in international cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the representative offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other African countries.
For over 13 decades, FirstBank has built an outstanding reputation for solid relationships, good corporate governance, and a strong liquidity position, and has been at the forefront of promoting digital payment in the country with over 13 million cards issued to customers (the first bank to achieve such a milestone in Nigeria). FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with virtually over 25 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.
With over 43 million customer accounts (including digital wallets) spread across Nigeria, UK and sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale financial services through more than 820 business offices and over 280,000 agent locations spread across 772 out of the 774 Local Government Areas in Nigeria.
In addition to banking solutions and services, FirstBank provides pension fund custody services in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated services through First Nominees Nigeria Limited.
FirstBank’s commitment to Diversity is shown in its policies, partnerships and initiatives such as its employees’ ratio of female to male (about 41%:59%; and 37% women in management roles) as well as the FirstBank Women Network, an initiative that seeks to address the gender gap and increase the participation of women at all levels within the organisation. In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Women Empowerment’s Principles (WEPs) ─ Equal Opportunity, Inclusion, and Nondiscrimination.
For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and “Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker International Excellence in Retail Financial Services Awards.
Significantly, FirstBank’s Global Credit Rating was A+ with a positive outlook while ratings by Fitch and Standard & Poor’s were A (nga) and ngBBB+ respectively both with Stable outlooks as at September 2023. FirstBank maintained the same level of international credit ratings as the sovereign; a milestone that was achieved in 2022 for the first time since 2015.
In 2024, FirstBank received notable international awards and accolades. Some of these include Nigeria’s Best Bank for ESG 2024 and Nigeria’s Best Bank for Corporates 2024 both awarded by Euromoney Awards for Excellence; Best SME Bank in Africa and in Nigeria by The Asian Banker Global Awards; Best Private Bank in Nigeria and Best Private Bank for Sustainable Investing in Africa by Global Finance Awards; Best Corporate Bank in Nigeria 2024, Best CSR Bank in Nigeria 2024, Best Retail Bank in Nigeria 2024, Best SME Bank in Nigeria 2024 and Best Private Bank in Nigeria 2024 all awarded by the Global Banking and Finance Awards.
FirstBank has continued to gain wide acclaim on the global stage with several international awards and recognitions received so far in 2025 which includes Best SME Bank in Nigeria 2025 and Best SME Bank in Africa 2025 by The Asian Banker; Best Private Bank in Nigeria 2025 and Best Private Bank for Sustainable Investing in Africa 2025 by Global Finance Awards; SME Financier of the Year in Nigeria 2025 by The Digital Banker Global SME Banking Innovation Awards; Best Retail Bank in Nigeria 2025 and Best Bank for Empowering Women Entrepreneurs in Nigeria 2025 all by The Annual Global Economics Awards.
Our vision is “To be Africa’s Bank of first choice” and our mission is “To remain true to our name by providing the best financial services possible”. This commitment is anchored on our core values of EPIC – Entrepreneurship, Professionalism, Innovation and Customer-Centricity. Our strategic ambition is “To deliver accelerated growth in profitability through customer-led innovation and disciplined execution”
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