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FIRST BANK: STILL STANDING GIDIGBA 125 YEARS AFTER
BY ALEX OTTI
This week marks the celebration of the 125th anniversary of the existence of the First Bank franchise in Nigeria. This stands the bank out as one of the earliest institutions established in West Africa, and obviously, one of the handful still in existence today. The bank began as the Bank of British West Africa (BBWA) in 1894 and quickly began playing the role of the Central Bank of British West Africa in the absence of a regulator at those medieval times in the sub region. The bank witnessed the amalgamation of the Northern and Southern protectorates and the eventual independence of Nigeria in 1960. It was founded by Alfred Lewis Jones, a shipping magnate who imported silver currency into West Africa through Elder Dempster shipping company also owned by him. In 1957, the bank changed its name to Bank of West Africa (BWA). Sequel to Nigeria’s independence in 1960, the bank began to extend more credit to indigenous Nigerians as most of its credit facilities were hitherto concentrated on foreigners living in the erstwhile colony. Standard Bank acquired the Bank of West Africa in 1966 and changed its name to Standard Bank of West Africa. In 1969, Standard Bank of West Africa incorporated its Nigerian operations and its name had to change once again, this time to Standard Bank of Nigeria Ltd (SBN). In 1971, SBN listed its shares on the Nigerian Stock Exchange and placed 13% of its share capital with Nigerian investors. Following the implementation of the indigenisation policy of the then military government soon after the civil war, Standard Chartered Bank reduced its stake in SBN to 38%. This action led to another change in name to First Bank of Nigeria in 1979 as Standard Chartered Bank insisted that since it had lost majority control, the bank should no longer bear its name since by the action, it had failed to be its full fledged subsidiary. This marked a watershed in the history of the bank as more Nigerians were appointed to the board and it began to look and operate more like a Nigerian bank. The bank had subsequently moved from a limited liability company to a publicly quoted company and back to a limited liability company which it presently is. The latest status is in compliance with changes in the regulatory environment in 2012 that required that the group operates as a holding company, with the bank as one of its subsidiaries or spin off other operations not related to banking. That marked the birth of FBN Holdings which presently has the bank and non bank subsidiaries as part of the group.
In 1982, First Bank opened a branch in London and converted same to a full fledged subsidiary, FBN Bank (UK) in 2002. Two years later, in 2004, a representative office in Johannesburg, South Africa, debuted. At the moment, First Bank has subsidiaries or representative offices in France, China, Democratic Republic of Congo, Gambia, Sierra Leone, Ghana, Guinea and Senegal. At the last count, First Bank had presence across 10 countries in three continents. It operates from over 750 locations and employs close to 22,000 people. Its has over N3.3trillion in total assets. It also boasts over N2.5trillion in Customer deposits with a tidy 19% Capital Adequacy Ratio (CAR). The bank has over 1.3m shareholders and over 14million customers. Before going further, I must, in the full disclosure tradition of this column, declare that I joined First Bank as an Assistant General Manager on April 1, 2001 and left 10 years after, having risen to the position of Executive Director in 2011. I joined as part of the transformation team of the bank set up following a decision to institute comprehensive reforms in the bank. The project, titled, “Century 2, the New Frontier” effected a total change in the way things were done in the bank. Readers will realize, in the course of this essay, that a major part of the resilience and longevity of the bank has to do with its ability to keep pace with changes, not just in the banking ecosystem, but the global environment.
It is pertinent to note that so many institutions and companies disappear after only a few years of existence and therefore, there must be some distinguishing characteristics that have made First Bank, not only to survive but to excel in the last one decade and a quarter. I will attempt to share my own thoughts on this, which would definitely not be exhaustive.
One thing that stands the bank out is that everything it does is woven around strategy. In my days at the institution, and I believe it should still be the same now, the bank will start a year with long board and management strategy sessions. These comprise long and short term strategies. The long term strategies normally have a horizon of 5 years while the short term ones are normally between one and three years. I am sure some people, particularly in other environments, will argue that 5-year strategies would be at best described as medium term, but the truth is that in the Nigerian market, 5 years is even too long given how rapidly things change here! Organizations succeed and fail on strategy. The profound saying that when you fail to plan, you plan to fail fits in perfectly here. It is also said that when you are not certain about where you are going, any road takes you there. Having a clear strategy is one thing, achieving flawless execution is another. 
I am aware of organisations that are very long on plans and short on implementation. On this, you must give it to First Bank as it is also very good on monitoring and measurement. It is a known fact that what doesn’t get measured, hardly gets done. So, to execute, you must have measurement tools and put in place, a system that not only rewards good performance but also poor performance. I can still remember our strategy sessions as we joined in 2011, where the then CEO, Mr. Bernard Longe reeled out the Big Hairy Audacious Goal (BHAG) of “being twice as large as the second largest bank in Nigeria by a defined future date”. Yes, the bank may not have achieved that goal within the timeframe, but it did have a goal and it did work towards that goal. It is in strategy that you define who you want to be, who you want to serve, how you want to serve them and what distinguishes you from the “guy down the road”. Once you have those agreed, the tools and the people must also be addressed. I have seen situations where management disbands a strategy put in place by the organisation only to replace it with a weak strategy or none at all and in consequence end up as lunch for competition. First Bank is noted for its very strong corporate governance regime. I believe this is at the heart of the longevity of the bank. In our days and I believe it is the same till today, there are things you simply could not do irrespective of who you were. Just like any organsation, the bank had a soul, meaning the key board members who called the shots. But every decision had to go through a process. Having survived over a long period of time, most things were documented and rules were strictly adhered to. I recall that even loan applications from viable businesses of shareholders of the bank must not only be disclosed, but must go through rigorous processes before they were approved. And with the Risk Management function under very experienced professionals with the brilliant Sanusi Lamido Sanusi, who was later to become CEO of the bank and six months later, the CBN Governor and currently the Emir of Kano, you couldn’t go round the process. By the way, it will not be out of place to mention that I was appointed an Executive Director the same day, September 4, 2005 with HRH Sanusi who had joined from UBA. Others appointed same day with us were Oladele Oyelola, Remi Babalola who went on to become Minister of State For Finance, and Mrs Bola Adesola, the current CEO of Standard Chartered Bank. We joined the only surviving executive director from the regime before ours, Mr. John Aboh, who is the current Chairman of Ecobank Nigeria and the then CEO of the bank, Mr. Jacobs Moyo Ajekigbe. As we were appointed, we were handed over a merger and acquisition deal, (some called it outright takeover bid) with another bank with footprints in some other African countries. The deal looked good on the surface, but some of us saw danger in the whole transaction as proposed. We struggled with that transaction for close to two years before resting it. Even though there was very strong support for the deal from some influential shareholders, management thought it was not going to create value for First Bank and therefore had to let it die a natural death. Yours truly had argued then that based on “back of the envelope analysis”, over 60% of mergers and acquisition destroy shareholder value. This my held position was to be corroborated by the Harvard Business Review Report in 2015 which stated that between 70% and 90% of mergers and acquisition destroy shareholder value and in fact fail. The reasons for failure are fully documented in the literature. One is glad that we still have the foremost Nigerian bank with us today celebrating its 125 years anniversary as some of us are persuaded that the situation would not have been the same if that deal went through. On this note, permit me to acknowledge the resilience of Mr. Jacobs Moyo Ajekigbe who showed strength of character as the buck naturally stopped on his table. One of the lessons to learn from the First Bank story is its ability to adapt to changing situations in the environment. For an organisation to adapt, it must understand the environment and be able to read changes and sometimes predict them, even before they happen. The reality is that human beings will normally gravitate around their comfort zones and oftentimes, become very resistant to change. It is only an organisation that constantly interrogates the status quo that will be able to adapt to changes or even lead the change itself. In our time, we realized that we had what our Human Capital Management department referred to an “aging workforce”. Like Clinton would say about Senator Dole, “we did not have a problem with their age, but with the age of their ideas”. The bank started a workforce renewal strategy which saw to the entry of young people with fresh ideas who could relate to the youthful population who were basically in control of the “new money”. To attract them, one needed people that not only looked like them but also reasoned like them. An age band was approved by management for different levels in the staff cadre. This tilted the average age of staff down significantly. Younger people were selected to replace those retiring on account of age. Technology was massively deployed as part of strategy. Service delivery, which was measured by external consultants, spiked in the positive direction. The bank was able to compete with smaller and younger banks, giving them a run for their money. The brand equity is an important part of any organisation, more so a bank. First Bank benefited so much from its brand. Because some banks had come and gone and bank failures has not ceased even at this moment, the bank benefitted from its longevity. Some people joke about dead people’s money being warehoused in the bank. Besides, what the brand represents is also the conscious effort at tweaking the brand to be in tune with modernity, of course without doing away with the reassuring effect of the ‘elephant’. I remember with nostalgia, the first strategy session we attended in Gateway Hotel, Otta in 2001, a new colleague, had proposed that the bank should do away with the elephant as the animal is not known to be smart, fast and efficient. We were all shocked at the response he got. Virtually everyone, except those of them that were new, charged at him, in the manner of the elephant he wanted removed. That was the last time he made that kind of suggestion. It was considered a heresy to remove the elephant. The rest of the people that mustered courage to speak about the elephant talked about how to make it nimble, how to face it forward rather than backwards, how to get the elephant to raise one of its legs and generally how it would reflect efficiency in strength.
Finally, I have always maintained that an organisation cannot be better than its people. First Bank has built a culture of employing very sound and good people. The recruitment process is excellent and gives little or no room for manipulation. The reward system ensures that the best people stay and misfits are gradually eased out. The compensation system remains competitive from what I hear and positions at the top are tenured such that the CEO and Executive Directors must retire after a maximum of two tenures of 3 years each. This policy makes it difficult for people to sit tight at those levels and also keeps the top open for deserving younger people to aspire. It is my sincere hope and belief that these time-honoured traditions of First Bank endure.
Let me therefore join millions of Nigerians to congratulate First Bank on this 125th Anniversary celebration and wish the Board, Management, Staff, Shareholders and Customers well. Of course, I pray for the continued sense of camaraderie that exists among the ex-staff of First Bank
The Alternative Bank Limited (Alt Bank) has announced the appointment of Gul Khan as Managing Director and Chief Executive Officer following approval by the Central Bank of Nigeria (CBN). He succeeds Hassan Yusuf, the Bank’s founding Managing Director.
Khan brings more than 25 years of international financial services experience, having worked in Europe, America, Asia, Middle East & Africa. Most recently he served as Chief Executive Officer and Board Director of I&M Bank Kenya and was Group Head of Products for Airtel Money, the fintech business across 14 markets in Africa. He alsopreviously served as Global Head of Retail Banking and Wealth Management at HSBC Amanah, the Group’s non-interest banking business. His career also includes executive leadership roles with banks in UAE, Egypt and Qatar giving him experience across established banking institutions and technology-led financial services businesses.
Commenting on the appointment, Muhtar Bakare, Chairman of Alternative Bank, said “Gul’s expertise in non-interest banking and his leadership experience across African financial services position him well to lead Alternative Bank through its next phase of growth. The Board is confident in his ability to build on the Bank’s foundations and broaden its reach, while maintaining the strong governance and commercial discipline essential to long-term success.”
Khan will work with the Board and management team to guide the Bank’s next phase of growth. Outlining his priorities, he said:
“The opportunity is to make Alt Bank the preferred choice for consumers and businesses in Nigeria. That means understanding what customers need, whether acquiring productive assets or growing their businesses, and providing solutions that are relevant and they can use with ease. I look forward to working with colleagues to build on Alt Bank’s progress and earn our customers’ continued trust.”
Alt Bank met the CBN’s revised minimum capital requirement for national non-interest banks well ahead of the regulatory deadline. The Bank has also completed its migration to MIZAN, a core banking platform designed for non-interest financial institutions. Its strengthened capital base and investment in technology support its capacity to finance business growth and develop products that meet the needs of its customers.
The Alternative Bank is part of Sterling Financial Holdings Company Plc, a diversified Nigerian financial services group. Backed by the Group’s institutional strength, governance framework and commitment to innovation, the Bank continues to advance its mission of expanding access to non-interest financial solutions for individuals and businesses across Nigeria.
Guaranty Trust Bank Limited (“GTBank”), the banking subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or “the Group”), today announced the launch of the 737 App designed around the evolving financial needs, digital habits and everyday experiences of young Nigerians. The launch further reaffirms GTBank’s longstanding commitment to building financial solutions that empowers the younger generation.
For GTBank, engaging the younger generation goes beyond providing access to banking services. It is about understanding how young people live, work, connect, spend and plan for the future, and developing solutions that fit these realities. This commitment has shaped the bank’s product innovation over the years, from GTCrea8, which offers young people free banking services, to a growing suite of digital solutions that make managing money easier, faster and more accessible.
The 737 App represents another deliberate step in this journey. Recognising that young people are increasingly mobile-driven, digitally connected and accustomed to managing different aspects of their lives from their phones, GTBank has developed an application that fits into the lifestyle of the young average Nigerian, experiencing life more and banking less. I
The 737 App uses customers’ phone numbers as their account numbers, making account details easier to remember and share. It also offers free virtual Naira Mastercard for online payments on international platforms such as Amazon, Netflix, Spotify and AliExpress. Its Scan to Pay feature enables faster transfers by eliminating manual account entry, while savings tools support future goals. Customers can also access instant loans and conveniently pay for airtime, data and utility bills.
Commenting on the launch, the Managing Director of GTBank, Mrs Miriam Olusanya, said: “We recognise that younger generations have an evolving relationship with money and financial services. They are technology-driven, digitally connected and increasingly intentional about how they spend, save and pursue their ambitions. Our responsibility is to understand these changing behaviours and translate them into financial solutions that fit seamlessly into their lifestyles. The 737 App reflects this commitment, bringing together the convenience, speed and accessibility they expect, while providing the tools to support their financial aspirations and plan for the future.”
She added: “This reflects the Group’s broader commitment to continuously innovate around the needs of the younger generation. Over the years, we have remained deliberate about creating products and opportunities that make financial services more accessible, relevant and rewarding for young people, empowering them to pursue their ambitions and make the most of life.”
The 737 App is available for download on the Google Play Store and Apple App Store, with a seamless digital onboarding process for both new and existing customers.
Zenith Bank Plc has awarded ₦190 million to 13 winners across three innovation competitions at the sixth edition of its flagship technology event, Zenith Tech Fair 2026: Future Forward 6.0, reinforcing its commitment to nurturing innovation, accelerating digital advancement and empowering the next generation of African technology leaders.
Held virtually for the first time on Thursday, November 5, 2026, under the theme, “AI: Embrace or Extinct,” the event brought together technology leaders, entrepreneurs, innovators, policymakers and participants from across the world to explore the transformative potential of Artificial Intelligence (AI) and its implications for businesses, economies and society. The ₦190 million prize pool is the largest in the history of the Tech Fair, further demonstrating the Bank’s growing investment in technology and innovation.
The 2026 edition featured three competitions: the Hackathon, Startup Pitch Competition and the newly introduced Future Innovators Challenge. Together, they attracted over 3,000 submissions from developers, entrepreneurs and secondary school students seeking to showcase innovative solutions and secure funding to advance their ideas.
In the Hackathon category, Team Solo emerged overall winner, receiving ₦35 million, while 10x Brains secured second place with ₦20 million. Rumour Hunters came third with ₦15 million, while Òmìnira and Team Avera emerged fourth and fifth, receiving ₦10 million each.
In the Startup Pitch Competition, Cutstruct Technology Limited clinched first place with ₦35 million, followed by Sproutly, which received ₦20 million. PharmaRun secured third place with ₦15 million, while AUI BRAND and ProDevs completed the top five, receiving ₦10 million each.
The Future Innovators Challenge, introduced to encourage technology-driven creativity and problem-solving among secondary school students, produced three winners. Caleb British International School emerged first, receiving ₦5 million, while Queen of the Rosary College, Onitsha, came second with ₦3 million. Regina Pacis International School secured third place with ₦2 million.
Among the winning solutions, Cutstruct Technology Limited’s LiveVend platform is transforming construction procurement by connecting developers and contractors with suppliers. Sproutly uses financial technology to simplify school payments, while PharmaRun makes access to authentic medications more convenient through its network of pharmacies. Caleb British International School’s ReLearn platform, which won the Future Innovators Challenge, redistributes used textbooks to students in underserved communities, making learning materials more affordable and accessible.
Beyond the financial rewards, the winners will benefit from a six-week mentorship and incubation programme, providing expert guidance and practical support to refine their solutions, strengthen their business models and scale their innovations.
In his welcome remarks, the Founder of Zenith Bank Plc, Jim Ovia, CFR, reaffirmed his vision of empowering young people through technology and nurturing innovators capable of making a global impact. He said: “My vision is to continue empowering young people through technology, with the hope that one day we will produce individuals who make an impact on the scale of Bill Gates, Steve Jobs and Jeff Bezos.”
In her opening address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr Adaora Umeoji, OON, highlighted the urgency of embracing Artificial Intelligence and adapting to the rapidly evolving technology landscape. She noted that the Bank’s commitment to innovation is reflected in its investments in digital infrastructure, products and services, including its Zenith Intelligent Virtual Assistant (ZIVA). She also highlighted the role of the Bank’s fintech subsidiary, FinoPay, in developing the SMART AfCFTA Portal to facilitate intra-African trade.
Speaking on Africa’s role in the global AI revolution, she declared: “The next generation of global AI champions can and should come from Africa.” She further challenged participants to embrace emerging technologies, stating: “Do not fear AI. Embrace it. Whether you are developing a solution for a farm, clinic, classroom or factory, dare to think big, build ethically and create scalable solutions.”
The Governor of Lagos State, His Excellency, Mr. Babajide Sanwo-Olu, commended Zenith Bank’s contribution to technological advancement, saying: “Over the years, Zenith Bank has been a strong driver and enabler of innovation, using technology to advance solutions and raise expectations for its employees, stakeholders and the wider business community.”
He also reaffirmed the Lagos State Government’s commitment to the technology ecosystem, stating: “We are also committed to supporting and promoting the technology ecosystem, creating opportunities for innovation and ensuring that Lagos remains at the forefront of this important area of development.”
The Honourable Minister of Innovation, Science and Technology, Dr Kingsley Tochukwu Udeh, SAN, represented by the Director-General of the National Space Research and Development Agency (NASRDA), Professor Matthew Adepoju, commended the Bank’s investment in technology and youth empowerment. He emphasised the importance of public-private collaboration in translating innovation into economic opportunities, stating: “When government and the private sector work in the same direction, ideas become products, products become businesses, and businesses create jobs for our people.”
The Tech Fair featured a distinguished line-up of technology leaders and industry experts, with Zach Kass, former Head of Go-to-Market at OpenAI, delivering the keynote address. Examining the evolution of AI and the emergence of autonomous agents, Kass challenged participants to consider the place of human judgement and values in an increasingly automated world. He said: “We are approaching a world in which we will have to ask ourselves, regularly and seriously: what do we want to keep human, and what are we willing to automate?”
Other speakers included Mike Ogbalu III, Managing Director/CEO of the Pan-African Payment and Settlement System (PAPSS); Deniz Oran, Head of Payment Partnerships at Google for EMEA; Jane Egerton-Idehen, Managing Director/CEO of Nigerian Communications Satellite Limited (NIGCOMSAT); Kashifu Inuwa Abdullahi, Director-General of the National Information Technology Development Agency (NITDA); and Chinwe Uzoho, Regional Managing Director, West Africa, Network International. Sessions were moderated by Victoria Rubadiri, CNN Correspondent, alongside other industry experts.
Conceived by the Bank’s Founder, Jim Ovia, CFR, the Zenith Tech Fair reflects his vision of empowering young Nigerians through technology and nurturing innovators capable of developing solutions with global relevance. Over the years, it has evolved into a platform connecting ideas, talent, investment and opportunities, while giving emerging technology businesses the resources and exposure to grow.
Previous winners have gone on to develop solutions with practical applications across different sectors. They include JumpnPass, which developed a self-checkout solution for retail; CreditChek, which uses AI and open banking to streamline credit verification; TrustLoop, winner of the 2025 Hackathon with its digital identity verification solution; and Cubbes Technologies Limited, winner of the 2025 Startup Pitch Competition with its AI-powered educational technology platform.
With the introduction of the Future Innovators Challenge, Zenith Bank is extending this support to secondary school students, recognising the importance of identifying and nurturing technology talent early. Through the Tech Fair and its broader technology-driven initiatives, the Bank continues to invest in the people, ideas and businesses shaping Africa’s digital economy, providing innovators with the funding, mentorship and opportunities to turn promising ideas into impactful solutions.
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