🏭 First Bank of Nigeria — Key Facts
| Full Name | First Bank of Nigeria Limited (subsidiary of FBN Holdings PLC) |
| Largest Shareholder | Femi Otedola — ~11.4% of FBN Holdings (as of 2021+) |
| Stock Listing | Nigerian Exchange Group (NGX: FBNH) |
| FBN Holdings CEO | Nnamdi Okonkwo |
| Founded | 1894 (oldest commercial bank in Nigeria) |
| Headquarters | Lagos, Nigeria |
| Total Assets | ~₦15 trillion (one of Nigeria’s largest by assets) |
| Branches | 700+ branches across Nigeria |
First Bank of Nigeria is the oldest commercial bank in Nigeria, founded in 1894 during the British colonial era. Today it operates as a subsidiary of FBN Holdings PLC, which is publicly listed on the Nigerian Exchange Group (NGX: FBNH). The largest single shareholder of FBN Holdings is billionaire businessman Femi Otedola, who holds approximately 11.4% — making him the dominant individual stakeholder in Nigeria’s oldest banking institution.
Who Is the Owner of First Bank Nigeria?
First Bank of Nigeria is owned through FBN Holdings PLC, a publicly listed financial holding company on the Nigerian Exchange. The largest single shareholder is Femi Otedola, the Nigerian petroleum and energy billionaire (founder of Forte Oil, now Ardova PLC), who purchased his stake beginning in 2021 and became the largest individual shareholder. Before Otedola’s entry, FBN Holdings had no clear dominant shareholder — it was widely held among Nigerian and institutional investors. Otedola’s strategic acquisition of a controlling block gave him significant influence over the bank’s direction and governance.
Femi Otedola’s Investment in FBN Holdings
Femi Otedola is one of Nigeria’s most prominent billionaires, with a business career spanning petroleum distribution (Forte Oil / Ardova PLC), shipping, and financial services. His acquisition of FBN Holdings shares from 2021 onward surprised the market and triggered a boardroom battle — with governance questions raised about the composition of the Board of Directors. The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) were drawn into oversight as various shareholder blocks contested board representation. Otedola ultimately prevailed and consolidated his position as the bank’s most powerful individual shareholder.
First Bank’s Historical Significance
Founded in 1894 as the Bank of British West Africa, First Bank is over 130 years old — the oldest commercial bank not only in Nigeria but among the oldest in sub-Saharan Africa. It has survived colonial rule, Nigerian independence (1960), the Biafran War, multiple military governments, and a series of banking sector crises. With over 700 branches and a presence in most Nigerian states, it remains one of the country’s largest banks by assets and the most historically significant.
