FBN UK at 40: Enduring Legacies of Trans-Atlantic Financial Leadership
By Bolaji Israel.
Undaunted by the peculiar challenges of doing business in the African region, the FirstBank Group has continued to demonstrate uncommon grit, dynamism and capacity to shape the African, and indeed the global economy and society with innovative ideas, transforming from a domestic Bank to becoming a leading “Global” Bank leaping beyond its wide presence across Africa to replicating itself in Europe and Asia.
Since its establishment in 1894, First bank of Nigeria, has bestrode the Nigerian financial landscape like a colossus, leaving in its trail over a century of excellent banking services, significant contributions to nation building as well as effective trade facilitation within and beyond the continent.
Being the oldest bank in the country with over 128 years history of continuous business operations, it was the first to proactively spread its tentacles outside the shores of Africa’s most populous nation, to raise thriving subsidiaries in DRC, Senegal, Ghana, Guinea, Guinea, Gambia, and Sierra Leone, furthering its unwavering commitments and robust experience.
With a strong heritage of trust garnering over N3 trillion customers deposits and N5 trillion total assets, robust IT infrastructure, strong compliance and risk management framework, it has morphed over the decades into a banker of banks, institutions, governments and generations.
Leveraging technology infrastructure to drive innovation and efficiency across all areas of business and profitability, dynamically evolving from a one shop silver barter to a one stop financial supermarket and pioneering ATM services in the banking sector now with over 2500 cash points, the bank has earned an enviable reputation and pedigree.
For well over a century, the premier financial institution has consistently built a legacy of excellent customer-centric service and leadership, and become synonymous with a high level of ethics, standards, professionalism, strong corporate governance, resilience, and reliability which has come to define its corporate identity locally and internationally.
Undaunted by the peculiar challenges of doing business in the African region, the FirstBank Group has continued to demonstrate uncommon grit, dynamism and capacity to shape the African, and indeed the global economy and society with innovative ideas, transforming from a domestic Bank to becoming a leading “Global” Bank leaping beyond its wide presence across Africa to replicating itself in Europe and Asia.
Trans-Atlantic Trade and FBN UK
Trade is key to development in Africa and effective participation of African countries including Nigeria in the ever-evolving international trade environment remains central to boosting the region’s growth and development. In fact, the total trade in goods and services (exports plus imports) between the UK and Nigeria was £5.5 billion in the four quarters to the end of Q2 2022, a staggering increase of 56.1% or £2.0 billion from the four quarters to the end of Q2 2021 (Department for International Trade, January 2023).
It was in furtherance of the FirstBank Group’s spirited drive to proactively facilitate this huge opportunity and expand its offerings as an enabling platform that it birthed the FBNBank UK as a subsidiary forty years ago.
Last November, the banking giant rolled out drums to celebrate the feat in London having successfully extended an exemplary legacy of world class financial and trade facilitation leadership to Europe through the FBN UK. A child who has grown to hit forty years and is relentlessly achieving success will surely make the mother proud!
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Indeed, the UK remains the most sophisticated banking market in Europe. And for forty years, the continent continues to benefit from an institution, birthed by an impressive Nigerian brand. The FBNBank UK is in fact the premier Nigerian bank in the UK, and already armed with four decades of experience, it continues to drive business and trade facilitation extensively with the African Market. Running successfully and waxing stronger for decades under the regulatory lens of the PRA and FCA again, remains a key testament to the gold standard of ethics and compliance of the FBN brand. The subsidiary also owes its success partly to the parent company’s massive reach across Africa, having leveraged on the Group’s presence, experience, strength and local insights to thrive.
With the progressive implementation of the Africa Continental Free Trade Area (AFCTA) agreement across Africa, opportunities abound for more business and trade facilitation not just for Europe and Nigeria but across Africa where FirstBank commands a solid presence.
Driving Shared Prosperity for Africa
Nigeria’s Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele (CON), pointed that capital and trade remain two key economic components required for prosperity of Nigeria and the wider African continent, with a slightly over 1.4 billion population (Statista, December 2022). He said while capital is required for investment in infrastructure and burgeoning businesses, trade will spur economic growth, employment, and wealth creation.
Emefiele explained that FBNBank UK’s established presence in a leading global financial centre such as London ensures that FirstBank Group is well positioned to play an active role in the promotion of Africa as an investment destination, attract much needed capital to the continent and facilitate trade with other parts of the world.
Highlighting the unique role of FBNBank UK in Africa, he noted that, ‘The presence of FirstBank in other countries outside Nigeria shows that the span of its impact is continent-wide. As you are headquartered in the largest economy on the continent, you have a unique role in also facilitating capital flows into other African countries and assisting their economic growth and development.’ The CBN Governor made the remarks while speaking at the 40th anniversary Gala in London.
Meanwhile, according to the African Development Bank, “Africa needs infrastructure financing of about $130-170 billion a year with an infrastructure financing gap of up to $108 billion per year”. It is evident it will need non-African players in the global financial system on its side to make this possible.
In this regard, FBNBank UK’s location in London positions it to be the partner of choice to such global financial institutions with the capacity to move the needle in the African continent. There are about 200 foreign banks operating in the United Kingdom which accounts for 15% of the outstanding value of international bank lending. This provides an unbridled level of opportunity for partnerships to finance African economic growth and development needs.
London also accounts for about $3.8 trillion in daily forex which is more than one third of worldwide trades and plays a key role in the global trade finance business. As Africa’s route to prosperity will be facilitated by trade, this is important, not just for Nigeria but also for other African countries. Furthermore, the presence of many multinational companies using London as a hub for their geographical operations covering Africa also offers opportunities to facilitate trade and positively influence foreign direct investment into the continent.
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The presence of a large diaspora population in the United Kingdom also provides beneficial partnership opportunities for FBNBank UK which could feed into the economic development agenda of Nigeria and other African countries. Tapping into the networks, skills and entrepreneurial spirit of Nigerians and Africans, globally will generate opportunities for investment into the continent in addition to creating markets for exports into the United Kingdom and wider European continent for Nigerian and African manufacturers.
Nation Building
Nigeria’s President Muhammadu Buhari in his goodwill message to FBN Bank UK on the anniversary testified that the bank’s exploits of the past 40 years have certainly been fruits of the high level of professionalism and strong corporate governance synonymous with the parent brand.
According to him, FirstBank has profoundly demonstrated a high level of nationalism by keeping the Nigerian dream at the heart of its business through constant evolution to birth agile financial services solutions to suit the demands of its customers both home and abroad.
“Also, perhaps more than any other institution in its class, FirstBank has supported the government by providing human resources at various times to bolster much required professional expertise in various sectors of our economy.
“The Federal Republic of Nigeria appreciates the contributions of the FirstBank Group to our national growth and development beyond the provision of financial services. Its robust and far-reaching corporate responsibility and sustainability programmes complement government development plans in financial inclusion, education, health and social welfare, as well as environmental sustainability, to mention a few,” he added.
The Chief Executive Officer, FBN Bank UK Ltd, Sam Aiyere, at the event said since its establishment, the bank has served as a gateway connecting international markets in Africa, Europe and the rest of the world to the finest financial services solution in the UK.
“Through its office in the UK and the Paris Branch, our bank has continued to facilitate international trade between Africa and Europe while offering top-notch, world-class corporate, institutional, and private banking solutions to our esteemed customers,” he stated.
The CEO, First Bank of Nigeria, Dr. Adesola Adeduntan highlighted the continuous successful trajectory and impeccable performances of the subsidiary as a vital extension of the FBN Group.
“Today we celebrate 40 years of unbroken business operations in the United Kingdom; 40 years of supporting and enabling dreams; 40 years of resilience and relevance; 40 years of trust, safety and security; 40 years of long-term value to all stakeholders; and 40 years of partnerships beyond borders. I believe the future is bright for FBN Bank UK,” Adeduntan said.
