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Tag: First Bank

First Bank lays off 100 senior staff in restructuring move
News

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 […]

First Bank lays off 100 senior staff in restructuring move
News

First Bank manager steals N650m from 35 customers

Alex omenye A bank manager from a branch of First Bank in Osogbo, Mr. Adeniyi Talabi, has been apprehended by the Osun State Police Command on Tuesday. The allegation against him is the embezzlement of a staggering N650 million belonging to 35 bank customers. According to the command’s spokesperson, Yemisi Opalola, the suspect supposedly carried […]

Banking

Olufowose appointed as new Chairman of First Bank board

First Bank Nigeria Limited has appointed Ebenezer Olufowose to succeed Tunde Hassan-Odukale as the chairman of the board of the bank. This was disclosed by the bank in the notice filed with the Nigerian Exchange Group on Thursday. Odukale’s departure marks the end of his 12 years of service on the board, which corresponds to […]

First Bank lays off 100 senior staff in restructuring move
News

FBNBank Ghana rebrands to FirstBank Ghana

FBNBank Ghana has announced its rebranding to FirstBank Ghana, aligning with the identity, values, and vision of its parent company, FirstBank Group. This strategic move reflects the bank’s commitment to customers, stakeholders, and the community it serves. The rebranding is part of a broader initiative across FirstBank Group’s subsidiaries in Africa and Europe to leverage […]

News

Olusegun Alebiosu appointed acting MD First Bank

First Bank of Nigeria Limited has appointed Olusegun Alebiosu as its acting Managing Director with effect from April 2024. This was disclosed in a statement by the acting company secretary of the Bank, Adewale Arogundade on Sunday, according to The Punch. This follows the voluntary resignation of the former managing director of First Bank Nigeria […]

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

First Bank to raise additional N300m to meet CBN capital

First Bank Holdings has announced plans to raise an additional capital of ₦300 billion ($231 million) at an upcoming shareholders meeting later this month. This is in response to the Central Bank of Nigeria’s call for a recapitalization drive that has stirred a frenzy among banks. The capital infusion, as stated in a Monday release […]

First bank appoints five new directors
Banking

First bank appoints five new directors

Nigeria’s foremost bank banking with a legacy spanning 130 years, FBN Holdings, is embarking on a journey under billionaire investor Femi Otedola. This is marked by the appointment of five directors, signaling a strategic shift towards robust governance and enhanced operational effectiveness. At the helm of this new era is Mr. Olufemi Otedola, assuming the […]

First Bank restates commitment to support FMCG wholesalers
Business

First bank shareholders stage protest against annual meeting

Some shareholders demonstrated at FBN Holdings’ headquarters on Monday against an attempt to prevent the financial company from holding its Annual General Meeting as planned. Minority shareholders assembled in front of the headquarters held placards and urged that the institution be let fulfill its legal obligation to host AGMs. The head of the Trusted Shareholders’ Association, Mukhtar Mukhtar, spoke […]

Equity market drops by N257bn as First Bank, others record losses
Economy

Equity market drops by N257bn as First Bank, others record losses

The market capitalization of the local exchange ended last week at N34.069 trillion, down by N257 billion as a result of losses in the financial services stocks FBN Holding Plc, Ecobank Transnational incorporated, and others. The All-Share Index likewise fell by 470.68 basis points, or 0.75 percent, to finish at 62,569.73. Ecobank Nigeria Limited and […]

First Bank makes biggest single-day trade since 2012
Banking

First Bank makes biggest single-day trade since 2012

The stock exchange reported that 4.7 billion shares of First Bank of Nigeria Holdings were exchanged on Thursday, the most in a single day since 2012. According to BusinessDay, the shares were sold for N19 each, totaling N87.8 billion which represents 13% of Nigeria’s oldest bank’s outstanding market value, indicating the significance of the transaction. Although […]

FBN Insurance targets 1m customers in one year
Business featured

First Bank renames UK, African subsidiaries

Wilson Adekumola One of the largest commercial banks in Nigeria, First Bank of Nigeria Limited has disclosed a phased corporate name change of its subsidiaries in the United Kingdom and sub-Saharan Africa. In a statement, the nation’s premier financial services institution noted that FBNBank UK, FBNBank Sierra Leone, FBNBank Gambia and FBNBank DRC are now […]

First Bank's deputy MD Gbenga Shobo resigns
Banking

First Bank’s deputy MD Gbenga Shobo resigns

The First Bank of Nigeria’s deputy managing director, Mr. Gbenga Shobo,  has resigned from the company’s board of directors with immediate effect. Shobo’s departure came after CBN recently reviewed the term restrictions for bank managing directors, deputy managing directors, executive directors, and other officials, according to a tweet from Proshare. According to the latest CBN circular […]

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