First Bank of Nigeria Limited (FirstBank) has dismissed recent allegations of fraud reported by Tech Cabal as baseless and without evidence.
In a corporate statement released by the bank, it emphasized its long-standing commitment to integrity, transparency, and good corporate governance.
The statement, signed by the Acting Group Head, Marketing & Corporate Communications, Olayinka Ijabiyi, clarified that the claims made in the publication were “entirely unfounded and not supported by any factual evidence.”
Ijabiyi reiterated the bank’s reputation for building strong relationships and maintaining a solid liquidity position for over 130 years.
“Besides providing domestic banking services, the subsidiaries also engage in international cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the representative offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other African countries,” he stated.
Founded in 1894, FirstBank is recognized as a leading financial institution in West Africa. With a global footprint spanning Africa, Europe, and Asia, the bank operates over 820 business offices and 243,400 agent locations, serving more than 42 million customers worldwide.
“FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with virtually 23 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code,” Ijabiyi added.
The bank’s efforts have earned it numerous accolades, including “Best Corporate Bank in Nigeria 2024” and “Best SME Bank in Africa 2024.”
FirstBank also highlighted its role in promoting gender diversity and sustainable banking. With 39% of its workforce comprising women and several initiatives aimed at closing the gender gap, the institution has set a benchmark for inclusivity in the Nigerian banking sector.
Furthermore, the bank’s commitment to environmental, social, and governance (ESG) principles has been recognized internationally, with awards such as “Nigeria’s Best Bank for ESG 2024” by Euromoney Awards for Excellence.
In addressing the allegations, Ijabiyi urged the public to rely on factual and verified information, stating, “To be Africa’s Bank of first choice” and our mission is “To remain true to our name by providing the best financial services possible”. This commitment is anchored on our core values of EPIC – Entrepreneurship, Professionalism, Innovation and Customer-Centricity. Our strategic ambition is “to deliver accelerated growth in profitability through customer-led innovation and disciplined execution” and our brand promise is always to deliver the ultimate “gold standard” of value and excellence to position You First in every respect.,” he concluded.
