First Bank of Nigeria (FBN) has denied having any record of fraud incident in its institution.
The bank’s statement follows a recent media report which claimed that the bank lost N7 billion to a fraud incident.
According to the report, the incident, which reportedly began several months ago, involved the unauthorised diversion of funds from several customers’ accounts by unknown persons.
Responding to the allegation on Monday, First Bank in a statement signed by Olayinka Ijabiyi, its acting group head, marketing and corporate communications, said the reports were “not backed by evidence”.
“We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution,” the bank said.
“We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence.”
“For over 130 years, FirstBank has built an outstanding reputation for solid relationships, good corporate governance, and a strong liquidity position,” the statement read.
The bank also highlighted its role as a leader in Nigeria’s digital payment landscape, with over 13 million cards issued to customers, marking it as the first Nigerian bank to achieve this milestone.
Established in 1894, First Bank of Nigeria Limited, also known as “FirstBank,” is West Africa’s premier bank. With a strong presence across three continents—Africa, Europe, and Asia—the institution operates subsidiaries in the Democratic Republic of Congo, Ghana, The Gambia, Guinea, and Sierra Leone, among others.
It also maintains a representative office in Beijing, China, facilitating trade flows from Asia and Europe into Nigeria and other African countries.
The statement further observed that FirstBank has over 42 million customer accounts, including digital wallets, served through more than 820 business offices and over 243,400 agent locations across 772 of Nigeria’s 774 local government areas. The bank’s cashless transaction initiatives have also been bolstered by nearly 23 million active digital channel users, including its renowned *894# USSD Quick Banking service.
The bank’s commitment to diversity is evident in its policies, with women making up 39 percent of its workforce and holding 32 percent of management positions.
It further said that FirstBank Women Network promotes gender equality and women’s empowerment, a mission aligned with the UN Women’s Women’s Empowerment Principles.
Investing significantly in technology, FirstBank said it has maintained a strong foothold in digital innovation, ensuring its services meet global standards.
FirstBank’s consistent performance has garnered numerous awards, including: “Best Private Bank for Sustainable Investing in Africa 2023” by Global Finance Awards; “Best Financial Inclusion Service Provider in Nigeria 2023” by Digital Banker Africa;“African Bank of the Year” by African Leadership Magazine in 2023; “Best Corporate Bank in Nigeria 2024” by Euromoney Awards.
The bank also received international credit ratings of A+ (positive outlook) from Global Credit Rating and ngBBB+ (stable outlook) from Fitch and Standard & Poor’s in 2023, matching Nigeria’s sovereign credit ratings.
Looking forward, the lender stated that with a mission “to provide the best financial services possible” and a strategic ambition to deliver customer-led innovation, FirstBank remains dedicated to its brand promise of delivering the “gold standard” of value and excellence, positioning its customers first in all respects.
