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Tag: First Bank

First Holdco records highest profit in 12 years, posts N663.4bn in 2024
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First Holdco records highest profit in 12 years, posts N663.4bn in 2024

First Holdco, the parent company of Nigeria’s oldest financial institution, First Bank, has reported its strongest financial performance in more than 12 years as after-tax profit soared by 115.1 percent to N663.4 billion in the fiscal year ended December 2024, up from N308.4 billion posted in 2023, according to the company’s audited financial statement. The […]

Court Rules FirstBank-GHL dispute Is debt recovery, not maritime claim
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Court rules FirstBank-GHL dispute Is debt recovery, not maritime claim

The Federal High Court has ruled that the ongoing legal battle between FirstBank and GHL is not a maritime claim but a straightforward case of debt recovery in a surprising development. This shift in the court’s interpretation comes despite FirstBank’s assertion that GHL was attempting to fraudulently sell crude oil stored on the FPSO Tamara Tokoni. […]

First Bank lays off 100 senior staff in restructuring move
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First Bank begins construction of iconic headquarters in Eko Atlantic

First Bank of Nigeria has officially begun the construction of its new 40-story headquarters at Eko Atlantic City, Lagos, with a groundbreaking ceremony held on Tuesday. In a statement signed by the Acting Group Head of Marketing & Corporate Communications, Olayinka Ijabiyi, the new building will become the tallest in Nigeria upon completion. The statement […]

Court Rules FirstBank-GHL dispute Is debt recovery, not maritime claim
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First Bank shares drop 5.6% amid dispute with Hydrocarbons

First Bank of Nigeria Holdings Plc’s stock price declined on Monday by 5.63% on the Nigerian Exchange Limited, as investors exercised caution in trading shares of the country’s oldest financial institution. The stock, which started trading at N30.20 per share, dropped by N1.70 or 5.63%, ending the day at N28.50 per share. Market analysts attributed […]

First Bank lays off 100 senior staff in restructuring move
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First Bank lays off 100 senior staff in restructuring move

First Bank of Nigeria has dismissed approximately 100 senior staff members in a significant organizational overhaul aimed at repositioning the bank for 2025. The layoffs involved several top executives who were asked to leave as part of the restructuring process that followed the appointment of Olusegun Alebiosu as managing director and chief executive officer in […]

First Bank denies N550M fraud allegations, blames ex-employee, plaintiff
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System migration won’t affect banking services – FirstBank

FirstBank has confirmed that its upcoming transition to a new cloud-based procurement and financial platform, set for Saturday, October 26, will not affect banking services for its customers. The bank, which serves over 42 million customers, previously noted that while the migration could lead to temporary service disruptions, these would specifically impact vendors rather than […]

First Bank denies N550M fraud allegations, blames ex-employee, plaintiff
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First Bank announces service disruption over migration to new platform

First Bank, one of Nigeria’s tier-1 lenders, has announced its transition to a new cloud-based procurement and financial platform aimed at improving operational efficiency and service delivery. In a notice sent to its vendors, the bank indicated that the transition is set to begin on Saturday, October 26, and may result in some service disruptions. […]

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Ex-FBN staff accuses ex-chair Oba Otudeko of massive fraud

Former First Bank of Nigeria employee, Adesuwa Ezenwa has accused billionaire Oba Otudeko of fraud during his tenure as chairman of FBN Holdings PLC. This was disclosed in the application by the former bank employee before the National Industrial Court, Lagos. She alleged in a legal document that she gave unsecured loans to businesses where […]

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Investors seeks resolution to Barbican Capital, FBN Holdings legal tussle

Members of the minority investors community have asked for a resolution of the fresh legal dispute at FBN Holdings involving the shareholding of Barbican Capital Limited, which is linked to billionaire businessman, Oba Otudeko. The shareholders made their plea on Monday, after Barbican Capital sued FBN Holdings for allegedly undervaluing its interest in the financial […]

First Bank denies N550M fraud allegations, blames ex-employee, plaintiff
News

Investors seeks resolution to Barbican Capital, FBN Holdings legal tussle

Members of the minority investors community have asked for a resolution of the fresh legal dispute at FBN Holdings involving the shareholding of Barbican Capital Limited, which is linked to billionaire businessman, Oba Otudeko. The shareholders made their plea on Monday, after Barbican Capital sued FBN Holdings for allegedly undervaluing its interest in the financial […]

First Bank lays off 100 senior staff in restructuring move
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First bank sacks over 100 staff over N40bn fraud 

First Bank terminated over 100 employees, just four months after uncovering an alleged ₦40 billion fraud orchestrated by Tijani Muiz Adeyinka, a manager within the bank’s operations team. The details of the scheme, first reported by TechCabal, reveal that Adeyinka, who is currently at large, exploited his position to authorize chargebacks to accounts under his […]