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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 this year.
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 to also 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 percent by 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 pplace
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.
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Nigerians at home and in the diaspora seeking to participate in the landmark Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals can subscribe conveniently through Zenith Bank, a receiving bank for the historic transaction and a designated electronic application channel for the offer. Subscription is open through the Zenith Bank website, the Zenith mobile app, internet banking, USSD, corporate internet banking and any Zenith Bank branch nationwide.
Across all of these channels, anchored by Zenith Bank’s network of 456 branches and 84 cash centres, investors enjoy a secure, fast and reliable route into the offer from anywhere in the world, at any hour. Whether the application begins on a phone in London, a laptop in Houston or across the counter of a Zenith banking hall in Lokoja, the path to ownership opens with a few taps and carries the investor smoothly through to completion. Every subscription is linked to the investor’s Bank Verification Number, a seal of identity and security that accompanies each application from submission to allotment. It is service the Zenith way: first-time and seasoned investors alike enjoy a straightforward and fully protected process, and the quiet confidence that their stake in history is processed through Zenith Bank.
Applications open on Monday, 14 September 2026 and run for 30 days, closing on Tuesday, 13 October 2026. According to the prospectus, the shares are offered at ₦525 each, with a minimum subscription of 10 shares, or ₦5,250. The offer seeks to raise ₦2.15 trillion, the largest equity offering ever undertaken on the African continent, and the prospectus further provides that retail investors who subscribe and hold their shares may qualify for bonus shares under the Retail Investor Incentive Programme, subject to regulatory approvals.
Zenith Bank stands ready to make participation effortless for investors who choose to take part. Nigeria’s largest bank by Tier-1 capital and the country’s most profitable bank, Zenith has built its reputation on combining scale with innovation, and that strength is now at the service of every investor in this offer. This is proven ground for the bank: Zenith Bank’s own most recent public offering was executed mainly through digital channels, a demonstration of digital readiness built on the bank’s robust digital infrastructure. That infrastructure has since been strengthened further through a comprehensive technological overhaul, positioning Zenith to serve its retail customers with the same excellence long enjoyed by its corporate clients, precisely the capability an offer of this scale demands.
Within the wider transaction, Quantum Zenith Capital & Investments Limited serves among the joint issuing houses, while Zenith Bank itself provides the secure and dependable channels through which applications are received and processed. Having successfully taken its own landmark offer to the market through digital channels, Zenith brings that same tested infrastructure and experience to the largest equity offering in African history. It is the same combination of financial strength, digital excellence and customer devotion that has earned Zenith Bank recognition year after year as one of Africa’s foremost financial institutions, trusted by millions of customers and by the corporates and governments behind the continent’s biggest transactions.
For over three decades, Zenith Bank has been the trusted gateway to Nigeria’s defining financial moments, and its channels are open for this one. Investors who wish to participate can fund their Zenith Bank account and subscribe through any of the bank’s platforms before the offer closes on 13 October 2026.
Please note that the details of the offer are provided in the prospectus and guided by extant regulations. Zenith Bank serves as a Receiving Bank and electronic application channel for this offer. Investors are advised to carefully read the Prospectus and, where appropriate, seek independent professional advice before making any investment decision.
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ZENITH BANK’S 10TH INTERNATIONAL TRADE SEMINAR SETS OUT STRATEGIES TO SCALE NIGERIA’S NON-OIL EXPORTS
Zenith Bank Plc hosted the 10th edition of its International Trade Seminar on Non-Oil Export on Tuesday, 25 August 2026, marking a decade of sustained advocacy for the diversification of Nigeria’s economy. The virtual event brought together policymakers, regulators, exporters, manufacturers, investors and development partners from across Africa and beyond, all focused on one question: how Nigeria can earn more from what it sells to the world.
Held under the theme “Unlocking Value and Harnessing Growth”, the seminar examined how Nigeria can move beyond exporting raw commodities to building competitive value chains, strengthening trade infrastructure and financing, and deepening the sector’s contribution to sustainable economic growth.
In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, paid tribute to the Bank’s Founder, Dr. Jim Ovia, CFR, whose vision gave birth to the seminar in 2015, and urged participants to turn Nigeria’s improving export numbers into lasting economic value.
In her words: “Our theme, ‘Unlocking Value and Harnessing Growth’, is not just a slogan. It speaks to the opportunities before us and the need to translate our collective efforts into sustainable economic value. According to the Nigerian Export Promotion Council, Nigeria’s non-oil exports reached a record $6.1 billion in 2025, up 11.5 per cent from the $5.46 billion recorded in 2024, and a remarkable leap from the $612 million recorded a decade earlier. Through our partnership with the African Continental Free Trade Area Secretariat, we have commenced the development of the SMARTAfCFTA portal, and our integration with the Pan-African Payment and Settlement System is making cross-border business easier for our customers. Wherever our exporters need to reach, Zenith Bank will reach with them.”
She commended His Excellency, President Bola Ahmed Tinubu, GCFR, for the structural reforms creating a more enabling environment for businesses, and the Central Bank of Nigeria, under Governor Olayemi Cardoso, for reforms that have improved foreign exchange stability and market confidence. “As we build on the progress recorded so far,” she added, “it is important that, as a nation, we accelerate growth by creating more value locally and exporting finished products, rather than just raw materials.”
Delivering the keynote address, the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, MFR, called for deeper trade and investment reforms, a better export environment and wider market access within Africa and beyond. “The question before us now is not simply how to export more, but how to retain more value in Nigeria from everything we export,” she said. “Our focus at the Ministry is straightforward: produce more competitively in Nigeria, process more in Nigeria, connect Nigerian businesses to bigger markets, and ensure that the financing, infrastructure and trade systems exist to help them scale. In July, I assumed the chair of the AfCFTA Council of Ministers, and I see at first hand that the opportunity before us goes beyond the size of the African market of over 1.4 billion people and approximately $3.4 trillion in GDP. It is about enabling Nigerian firms to sell more products, reach more markets and deepen regional value chains. Nigeria’s role as an AfCFTA digital trade co-champion further positions us to help shape how this market evolves, particularly as digital trade creates new pathways for Nigerian businesses to reach customers across the continent.” She urged financial institutions to go beyond financing export transactions to financing export capability, and encouraged Nigerian businesses to prepare for intra-African trade by investing in productivity, quality and skills.
In his presentation, the Chair of the Board of Directors of the Fund for Export Development in Africa (FEDA) and immediate past President/Chairman of Afreximbank, Professor Benedict Oramah, GCON, argued that the moment demands new thinking. “The theme chosen for this 10th edition is both apt and timely,” he said. “The global economy is experiencing unprecedented levels of entropy. I do not raise this to alarm us. I raise it because a unique opportunity lies ahead of us that may well pave the way to Africa’s ascendance. The question is no longer whether Africa can attract enough external capital and external demand to power its growth. The question is whether Africa, and Nigeria within it, can build her own internal demand, participate effectively in global supply chains, build the capacity to finance her own trade and industries, and create her own markets.” He commended Zenith Bank and its leadership for advancing Nigeria’s non-oil export agenda over the past decade.
The Founder and Executive Chair of Plot Enterprise Ghana Limited, Mrs Patricia Poku-Diaby, made the case for transformation plainly. “Let us make no mistake: the future of our economy will not be determined simply by what we grow or what we mine, but by what we transform,” she said. “We need to move from being suppliers of raw materials to becoming producers, processors, manufacturers, exporters and owners of strong African brands. Our focus should be on creating more value before our products leave our shores.”
Speaking on the Nigeria-United Kingdom trade relationship, the UK Minister of State at the Ministry of Housing, Communities and Local Government, the Rt. Hon. Florence Eshalomi, MP, represented by Ms Mujina Kaindama, Head of Trade Policy for UK Business, Innovation, Science and Trade, commended the Bank for the platform. “The trade relationship between the United Kingdom and Nigeria is one of immense importance and even greater potential,” she said. “Nigeria is home to extraordinary entrepreneurial talent, innovation and creativity. One of the most promising opportunities lies not simply in increasing exports, but in increasing the value of those exports: moving further up the value chain, processing raw materials, developing branded products and creating higher-value manufactured and agricultural goods. In doing so, Nigerian businesses can unlock greater returns, create jobs and build sustainable economic growth.”
The Secretary-General of the African Continental Free Trade Area Secretariat, His Excellency Wamkele Mene, placed the private sector at the centre of the continent’s economic restructuring. “The private sector is at the heart of the fundamental restructuring of Africa’s economy that all of us want to see,” he said, “and the seminar Zenith Bank has convened strikes at the heart of that objective: reducing the reliance of exports on unprocessed commodities and accelerating industrialisation and value addition in Africa. The success of the AfCFTA will ultimately be measured not by how many protocols and legal instruments have been signed, but by the extent to which our private sector can leverage the AfCFTA to access new markets, scale their investment and scale their productive capacity to create jobs across the continent.”
The seminar featured two panel sessions. The public sector panel brought together Mr Abubakar Bello, Managing Director of the Nigerian Export-Import Bank (NEXIM), represented by Mr Hope Nyongo, Technical Adviser; Mr Adewale Adeniyi, MFR, Comptroller-General of the Nigeria Customs Service; Dr Abubakar Dantsoho, Managing Director/CEO of the Nigerian Ports Authority, represented by Mr Adebowale Lawal, Ports Manager, Lagos Ports Complex; Ms Aderinola Shonekan, Director, Trade and Exchange Department, Central Bank of Nigeria; Mrs Nonye Ayeni, Executive Director/CEO of the Nigerian Export Promotion Council; and Mr Adekunle Ajai, General Manager, Neroli Technologies. The panellists committed to improving trade facilitation, customs efficiency, logistics reform, trade advocacy and exporters’ access to funding.
The private sector panel featured Alhaji Adeniji Adeyemi, MD/CEO of Starlink Global & Ideal Limited; Alhaji Sada Ladan-Baki, Group Executive Director, International Trade and Export, Dangote Group; Mr Bamidele Ayemibo, Senior Consultant, 3T Impex Trade Centre; Mr Mobolaji Salako, Managing Director, Terra Aqua Environmental Consultancy Nigeria Limited; Mr Ramzi Taher, Managing Director, RMM Global Company Limited; Mrs Oluyemisi Iranloye, Founder/Managing Director, Psaltry International; and Chief (Mrs) Chinwe Ezenwa, MD/CEO, Lelook Nigeria Limited. Their discussions centred on trade barriers, value creation and addition, competitiveness, product certification, market intelligence and the structured financing needed to scale non-oil exports.
The Zenith Bank International Trade Seminar on Non-Oil Export was launched in 2015 to drive dialogue and action around Nigeria’s non-oil export potential. Ten years on, the Bank continues to champion the sector’s growth by opening up market opportunities and backing exporters with financing, incentives and practical support.
The 2026 edition streamed live on Zoom, YouTube, Instagram, Facebook, X and TikTok, drawing thousands of participants from 97 countries. The tenth edition closed the way the first began a decade ago: with a commitment to give Nigerian businesses the tools, partnerships and capital they need to compete in regional and global markets.
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ZENITH BANK TO BRING GLOBAL TRADE LEADERS TOGETHER AT 10TH INTERNATIONAL TRADE SEMINAR ON NON-OIL EXPORTS
Zenith Bank Plc will host the 10th edition of its International Trade Seminar on Non-Oil Export on Tuesday, 25 August 2026, bringing together leading policymakers, regulators, exporters, manufacturers, investors and other key stakeholders to explore practical strategies for unlocking value and accelerating growth in Nigeria’s non-oil export sector.
Themed “Unlocking Value and Harnessing Growth in Non-Oil Export”, the virtual seminar will examine how Nigeria can move beyond exporting raw commodities to build globally competitive value chains, expand market access, strengthen trade infrastructure and financing, and deepen the contribution of non-oil exports to sustainable economic growth.
The high-level event will feature an impressive line-up of guest speakers, including the Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, H.E. Wamkele Mene; the Chief Executive Officer of Plot Enterprise Ghana Limited, Mrs Patricia Poku-Diaby; and the immediate past President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah.
The seminar will also convene leading voices from the public and private sectors in two panel discussions. The first panel, dedicated to public sector perspectives, will bring together key stakeholders driving Nigeria’s trade, export, investment and economic development agenda. It will feature the Managing Director/Chief Executive of the Nigerian Export-Import Bank (NEXIM Bank), Mr Abba Bello; the Comptroller-General of the Nigeria Customs Service, Mr Adewale Adeniyi; the Director, Trade and Exchange Department, Central Bank of Nigeria, Ms Aderinola Shonekan; the Executive Secretary/Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC), Mrs Aisha Rimi; and the Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Mrs Nonye Ayeni.
The second panel, focused on private sector perspectives, will feature the Managing Director/Chief Executive Officer of Starlink Global & Ideal Limited, Alhaji Adeniji Adeyemi; the Group Executive Director, Dangote Group, Alhaji Sada Ladan-Baki; Senior Consultant at 3T Impex Trade Centre, Mr Bamidele Ayemibo; the Managing Director of Terra Aqua Environmental Consultancy Nigeria Limited, Alhaji Mobolaji Salako; the Managing Director/Chief Executive Officer of RMM Global, Mr Ramzi Taher; and the Managing Director/Chief Executive Officer of Lelook Nigeria Limited, Chief Mrs Chinwe Ezenwa.
The discussions will offer practical perspectives on trade facilitation, export financing, customs and port efficiency, regulation, market access, and the competitiveness of Nigerian businesses in regional and global markets.
A key focus of the seminar will be the African Continental Free Trade Area and its potential to open up a larger market for Nigerian goods and services while deepening intra-African trade. With the AfCFTA offering businesses access to a market of more than one billion people, the discussions will examine how Nigerian enterprises can leverage regional integration, build competitive value chains and seize emerging opportunities across the continent.
Zenith Bank has consistently championed conversations around trade and economic development. It remains at the forefront of efforts to support businesses seeking to participate more effectively in regional and international commerce. The Bank has also partnered with the AfCFTA Secretariat on initiatives to facilitate cross-border trade and expand access to opportunities across Africa.
Now in its 10th edition, the Zenith Bank International Trade Seminar has evolved into a leading platform for high-level dialogue on Nigeria’s trade and export ecosystem. Over the years, the seminar has brought together government, regulators, businesses, financial institutions, and other stakeholders to examine emerging trends, identify challenges, and proffer practical solutions to strengthen Nigeria’s position in global commerce.
The 2026 edition will build on this legacy, convening some of the most influential voices shaping Nigeria’s trade, investment and economic landscape around one critical question: how can Nigeria unlock greater value from its non-oil exports and translate its vast productive potential into sustainable economic growth?
The seminar will be held virtually and streamed live on Zoom, YouTube, Instagram, Facebook, X, and TikTok, enabling participants in Nigeria and around the world to join the conversation. Interested participants can register at www.zenithbank.com/exportsem
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