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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.
Zenith Bank Plc will commemorate the 2026 International Women’s Day with a renewed call to purposeful action and leadership. As part of preparations to celebrate this significant occasion, the Bank is set to hold its annual International Women’s Day Seminar on Monday, March 9, 2026, at The Civic Centre, Victoria Island, Lagos.Aligned with the global theme ‘Give to Gain” which underscores the principle that sustainable progress is achieved when individuals and institutions invest intentionally in women, Zenith Bank’s 2026 IWD seminar is themed “Take It, You Own It.” The theme reflects the Bank’s belief that while institutions must give through enabling environments and equitable systems, women must also step forward to claim space, own their value, and lead with confidence. It is both an affirmation and a challenge: embrace opportunity, empower yourself and others, and take ownership of your growth journey.Building on the success of previous seminars, including the 2025 edition themed “Winning On All Fronts”, Zenith Bank’s 2026 programme is designed to deepen meaningful engagement around women’s empowerment, leadership, and sustainable impact. Over the years, the Bank’s International Women’s Day initiatives have brought together women leaders, professionals, entrepreneurs, and emerging talents for dynamic dialogue, inspiration, and shared learning around gender equity, professional growth, and inclusive opportunity.More than a commemorative gathering, the 2026 seminar is designed as a convergence of influence, insight, and inspiration, bringing together accomplished women and progressive leaders across business, governance, creative industries, technology, and social impact.Speaking ahead of the Seminar, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, who will deliver the welcome address, said “The International Women’s Day is a reminder that progress requires intentionality. ‘Give to Gain’ speaks to the responsibility institutions have to create real opportunities, while our theme ‘Take It, You Own It’ challenges women to step forward boldly and lead. At Zenith Bank, we are deliberate about building environments where women are supported to grow, thrive, and shape outcomes, not only within our institution but across the communities and industries we serve.”The seminar will include segments focused on leadership insight, professional empowerment, wellbeing, and collaboration, offering attendees opportunities to engage deeply with thought leadership and practical strategies for advancing equity. With a carefully curated programme spanning keynote addresses, panel conversations, Q&A sessions, and creative interludes, Zenith Bank’s 2026 International Women’s Day Seminar promises to be a catalyst for meaningful action.Through its alignment with “Give to Gain” and its bold seminar theme, “Take It, You Own It,” Zenith Bank reaffirms its belief that when institutions give intentionally and women lead confidently, entire ecosystems rise. As conversations around inclusion continue to shape the future of business and society, the Bank remains resolute in its mission to foster platforms where women’s potential is recognised, amplified, and fully owned.
L-R: District Head, Kyangakwai, Alhaji Suleiman Musa; Former Speaker, Kebbi State House of Assembly, Mr Isma’ila Abdulmumuni Kamba; District Head, Kamba (Sarkin Shikon Kamba), Mamuda Zarummai; Council Secretary, Dandi Local Government, Kebbi State, Alhaji Abdulkadir Muhammad; and Regional Bank Head, North-West Zone 2, Fidelity Bank Plc, Mr Muhammad Lawal-Ahijo; at the official commissioning of the new Fidelity Bank Plc branch in Kamba, Dandi Local Government Area, Kebbi State recently.
Residents of Kamba in Dandi Local Government Area of Kebbi State have welcomed the opening of a new branch of Fidelity Bank Plc, describing it as a major milestone that will ease long-standing financial and logistics challenges faced by farmers, small-scale traders and individuals in the community.
The Chairman of Dandi Local Government Council, Dr. Mansur Isah-Kamba, described the branch as a welcome relief after years of limited access to formal banking services. Represented by the Council Secretary, Alhaji Abdulkadir Muhammad, Isah-Kamba noted that residents – including over 83 traditional rulers on the local government payroll—previously travelled long distances to Birnin Kebbi for routine banking transactions.
“With the opening of this branch in our locality, the stress, cost and time associated with banking outside the community will be significantly reduced,” he said. He also commended Fidelity Bank for its foresight and commitment to supporting farmers and small and medium-scale enterprises (SMEs).
On his part, the Sarkin Shikon of Kamba, Alhaji Mahmoud Zarumai-Fana, described farming as the primary occupation in the area will help improve commercial activities.
“Our people are predominantly farmers. Access to financial services will help them improve productivity and livelihoods. Farmers need support such as pumping machines, fertilisers, and pesticides, and proximity to banking services will make it easier to save, access loans, and participate in agricultural intervention programmes,” he said.
Speaking at the official inauguration ceremony, Regional Bank Head, North‑West Region, Fidelity Bank Plc, Mr. Muhammad Lawal‑Ahijo, highlighted the bank’s commitment to expanding financial access and supporting economic growth across Nigeria.
“Our decision to establish this branch is rooted in our belief that every community deserves access to reliable financial services that enable people to grow, businesses to thrive, and local economies to prosper. Kamba is a thriving agricultural community, and the decision to open a branch here is a strategic investment in the future of its farmers, traders, and households. While the infrastructure is for the bank, this branch belongs to the community. We encourage residents to take ownership by fully utilising the services available.” Lawal-Ahijo said.
He further noted the bank’s overall dedication to empowering informal sector workers and small and medium-scale enterprises (SMEs), adding, “Our goal is to bring banking closer to the people and support farmers, SMEs and households with accessible financial services that drive sustainable growth.”
In his remarks, a member of the Kebbi State House of Assembly representing Dandi Constituency, Dr. Abubakar Suleiman-Fana, said the new branch marked a significant step toward strengthening financial inclusion in rural communities.
“This is a milestone for our constituency. Financial inclusion is critical to rural development, and farmers, traders, and youths must take advantage of this opportunity to grow their businesses and improve their economic well-being,” he said.
Residents also expressed delight about the impact the new branch will have on their daily lives. A petty trader, Mrs. Hassana Abubakar, said she previously had to close her shop whenever she travelled to Birnin Kebbi for banking transactions.
“Now I can do my banking here without losing a whole day’s business. This will help my shop grow,” she said.
The opening of the Fidelity Bank branch in Kamba underscores the bank’s ongoing commitment to advancing financial inclusion, supporting rural economies and empowering farmers and small businesses across Nigeria.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing 73790#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
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