FirstBank Sets the Record Straight: Addressing Baseless Fraud Allegations with Commitment to Transparency and Excellence

In a recent response to allegations of fraud published by Tech Cabal, First Bank of Nigeria Limited (FirstBank) categorically refutes the claims, describing them as baseless and lacking any factual evidence. As one of Africa’s oldest and most reputable financial institutions, FirstBank underscores its unwavering commitment to ethical practices, corporate governance, and transparency—a legacy it has built over 130 years.

The publication in question alleged fraudulent activities within the bank’s operations, but FirstBank’s Acting Group Head of Marketing & Corporate Communications, Olayinka Ijabiyi, firmly dismissed these assertions. “The allegations are entirely unfounded, and there is no factual basis to support the story. FirstBank remains committed to the highest standards of accountability and service delivery,” Ijabiyi stated.

A Legacy of Excellence

Founded in 1894, FirstBank has consistently set benchmarks in financial inclusion, technological innovation, and corporate governance. With operations spanning Africa, Europe, and Asia, the bank has earned a reputation as a reliable partner in economic growth and international trade facilitation. Its network includes over 820 business offices, 243,400 agent locations, and 42 million customer accounts, underscoring its unparalleled reach and impact.

The bank’s digital transformation efforts are equally notable, with more than 23 million active users across its digital platforms. This includes pioneering services like the *894# USSD Quick Banking code, which has revolutionized cashless transactions in Nigeria.

Recognition and Awards

FirstBank’s dedication to excellence has not gone unnoticed. In 2023 alone, it garnered accolades such as:

• “Best Sustainable Bank in Nigeria” by International Investors Awards.
• “Best Private Bank for Sustainable Investing in Africa” by Global Finance Awards.
• “African Bank of the Year” by African Leadership Magazine.
  Additionally, its A+ credit rating with a positive outlook from Global Credit Ratings reflects the bank’s robust financial health and operational integrity.

A Commitment to Diversity and Empowerment

FirstBank’s commitment extends beyond banking to fostering diversity and inclusion. With initiatives like the FirstBank Women Network and adherence to UN Women’s Empowerment Principles, the bank actively champions gender equality. Its policies reflect a deliberate strategy to bridge gender gaps and empower women at all levels of the organization.

A Flashback of Resilience

Over the decades, FirstBank has faced challenges, but its resilience and adaptability have been instrumental in maintaining its status as a trusted institution. The recent allegations, while unfounded, serve as a reminder of the scrutiny that accompanies success. FirstBank views this as an opportunity to reinforce its commitment to transparency and to continue delivering value to its stakeholders.

Looking Ahead

With a vision “To be Africa’s Bank of First Choice,” FirstBank remains steadfast in its mission to provide exceptional financial services. Its core values of Entrepreneurship, Professionalism, Innovation, and Customer-Centricity (EPIC) guide every decision and action, ensuring the institution remains a gold standard for banking excellence.

FirstBank calls on stakeholders and the public to disregard the baseless allegations and join in celebrating its enduring legacy of trust, innovation, and impact. As Nigeria’s financial landscape continues to evolve, FirstBank remains a cornerstone of stability and progress, putting its customers and community first.