More than 130 years after opening its doors in Nigeria, First Bank of Nigeria Limited is once again setting the pace in the financial industry. With inspiration from its parent company’s chairman, Femi Otedola, the bank is relocating its corporate headquarters from Marina—once Nigeria’s financial hub—to Eko Atlantic City, the rising elite business district.
This move marks a fresh chapter in the bank’s long-standing dominance in the sector and could spark a new wave of competition among industry giants.
A Legacy of Firsts
Founded in 1894—three years before the name “Nigeria” was even coined—FirstBank (then Bank of British West Africa) was the first to establish banking in the country. Over the decades, the bank has not only survived economic upheavals but has consistently set industry benchmarks.
From being the first Nigerian company to list on the stock exchange to pioneering international money transfer services with Western Union, FirstBank has a track record of innovation. It introduced Nigeria’s first ATM in 1991, later launching the country’s first biometric and cash deposit ATMs in 2011. The bank was also the first to implement credit administration software and WhatsApp banking.
A New Era Begins in Eko Atlantic
Now, the bank is taking another bold step—building a 44-story, eco-friendly skyscraper in Eko Atlantic City, signaling its commitment to the future of banking in Nigeria.
At the foundation-laying ceremony, Vice President Kashim Shettima praised the move as a symbol of Nigeria’s progress and economic ambition. Lagos State Governor Babajide Sanwo-Olu, who officially approved the project, encouraged other businesses to follow suit.
And they are. Within days of FirstBank’s announcement, telecom giant MTN Nigeria and energy leader Shell also revealed plans to establish offices in the growing financial hub.
Why Eko Atlantic?
Eko Atlantic is quickly shaping up to be Nigeria’s answer to global financial districts like Canary Wharf in London or Wall Street in New York. With its state-of-the-art infrastructure, reclaimed land, and strategic location, the city offers an unparalleled business environment. The Lagos State government is also promoting the area as the future home of the Lagos International Financial Centre (LIFC).
For FirstBank, this isn’t just a real estate move—it’s a strategic shift in positioning. The upcoming headquarters isn’t just a building; it’s designed to be an architectural marvel, incorporating the highest sustainability standards, cutting-edge technology, and a modern workspace that aligns with global financial hubs.
A Bank Built for the Future
While some banks struggle with financial instability, FirstBank continues to thrive. In 2023, its Holding Company’s earnings per share (EPS) and profits surged by 125% year-over-year. The bank’s total assets also hit a record N16.94 trillion, with loans to customers reaching N6.36 trillion across key industries like oil and gas, manufacturing, and real estate.
Looking ahead, FirstBank has an ambitious 10-year growth strategy, starting with its 2025–2029 strategic plan. The focus? Enhancing customer experience, expanding digital banking, leveraging AI for smarter operations, and doubling down on its leadership in the market.
With a legacy of resilience and innovation, FirstBank’s move to Eko Atlantic isn’t just about changing its address—it’s about shaping the future of banking in Nigeria.
