FirstBank of Nigeria targets expansion into Ethiopia, Angola, and Cameroon

Save as PDF 

Lagos, Nigeria – First Bank of Nigeria Limited (FirstBank), one of Nigeria’s oldest and most prominent financial institutions, has announced plans to expand its operations into Ethiopia, Angola, and Cameroon. This strategic initiative comes as the bank seeks to leverage emerging opportunities in Africa’s evolving financial landscape.

AfricaHeadline Reports Team
editorial@dw-demosnewstaion.online 

To finance its expansion, FirstBank’s parent company, FBN Holdings Plc, raised $195 million through a rights issue in late 2024.

The offer, launched on November 4, 2024, and concluded on December 12, 2024, involved issuing 5.983 billion ordinary shares at $0.033 per share.

This capital raise is part of a broader strategy to secure an additional $450 million to strengthen FirstBank’s capital adequacy, upgrade digital banking infrastructure, and fund international ventures.

Ethiopia, Angola, and Cameroon have been identified as high-potential markets due to their unique opportunities. Ethiopia’s financial sector is opening up after significant reforms, Angola is actively diversifying its oil-dependent economy, and Cameroon serves as a vital trade hub in Central Africa.

Dr. Adesola Adeduntan, CEO of FirstBank, highlighted the bank’s commitment to providing innovative financial solutions and promoting economic growth in Africa. “This expansion represents a new phase in FirstBank’s legacy, enhancing our capacity to drive financial inclusion and support local economies,” he stated.

FirstBank’s upcoming moves are closely aligned with its mission to strengthen its presence across sub-Saharan Africa while contributing to the continent’s economic transformation.

The bank’s leadership is optimistic about overcoming regulatory challenges and establishing a robust presence in these key markets.