Building on its deep-rooted presence in sub-Saharan Africa, First Bank of Nigeria Limited (FirstBank) is charting the course for its next phase of growth as financial systems across the continent unlock new opportunities.
More than a decade after an acquisition spree that significantly expanded its footprint in the region, FirstBank is now eyeing further expansion into countries like Ethiopia, Angola, and Cameroon.
“There are a number of large economies with substantial banking pools that interest us as their financial markets are opening up,” said Ini Ebong, Deputy Managing Director, during the Africa Financial Industry Summit (AFIS) in December 2024. “Countries such as Ethiopia and Angola are particularly appealing, while in francophone West Africa, we aim to deepen our presence in Côte d’Ivoire and Cameroon. The market potential is substantial, and we are determined to seize it.”
Ethiopia, Africa’s second most populous country, is a key focus as it prepares to open its banking sector to foreign players. In December, Ethiopian lawmakers passed a landmark banking law allowing foreign banks to establish subsidiaries in the country, with a cap of 49% foreign ownership, according to the Addis Standard. Mamo Mihretu, Governor of Ethiopia’s central bank, noted at AFIS that this legislative reform positions the country as “open for business” for international banks.
Ebong, who previously oversaw treasury and international banking before becoming Deputy Managing Director in June 2024, highlighted similarities between the current landscape and the expansionary opportunities observed in major African markets in the early 2000s. “We believe this is an opportune time to participate in the next wave of growth across the continent’s financial systems,” he said.
With 130 years of operations in Nigeria, FirstBank’s journey into other African markets began in 2011 with the acquisition of Banque International de Credit in the Democratic Republic of Congo. This was followed by the purchase of International Commercial Bank Financial Group Holdings AG’s (ICBFGH) subsidiaries in The Gambia, Sierra Leone, Ghana, and Guinea in 2013, and ICB Senegal in 2014, thereby consolidating its presence across West Africa.
Beyond Africa, FirstBank has established a global footprint with a UK subsidiary operating branches in London and Paris, as well as a representative office in Beijing, China. Its parent company, FBNHoldings, reported a remarkable pretax profit of ₦610.86 billion ($395 million) for the first nine months of 2024, nearly double the ₦267.88 billion recorded in the same period the previous year.
Fitch Ratings, in a 2023 report, highlighted FirstBank as Nigeria’s third-largest lender, accounting for 10.7% of the nation’s banking system assets. It praised the bank’s strong franchise, stable funding profile, and significant revenue diversification, with non-interest income regularly exceeding 40% of its operating income.
As FirstBank moves to expand its operations into new markets, its strategic vision and robust financial foundation position it as a key player in driving the growth of Africa’s financial systems.
