About First Bank of Nigeria
First Bank of Nigeria is a company based in Lagos (Nigeria) founded in 1894.. First Bank of Nigeria has completed 1 acquisition, including Bic.cd. First Bank of Nigeria offers products and services including Online Banking, Loans, Savings Accounts, and Payment Solutions. First Bank of Nigeria operates in a competitive market with competitors including Scotiabank, Guaranty Trust Bank, Zenith Bank, First City Monument Bank and Fidelity Bank, among others.
- Headquarter Lagos, Nigeria
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Sectors
Financial Services
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Email
***********
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Phone
*********
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Website
*********
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Social
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- Legal Name First Bank Of Nigeria Ltd.
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Annual Revenue
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Net Profit
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EBITDA
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Latest Funding Round
$100 M (USD), Debt – Conventional
Feb 21, 2022
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Investors
British International Investment
& 1 more
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Employee Count
Employee Count
- Investments & Acquisitions
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Products & Services of First Bank of Nigeria
First Bank of Nigeria offers a comprehensive portfolio of products and services, including Online Banking, Loans, Savings Accounts, and Payment Solutions. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Platform for managing accounts and secure transactions online
Services for personal and business loans to support financial needs
Accounts for saving and earning interest securely
Tools for bills, transfers, and utilities payments
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Software Development Team
54 people
Finance and Accounting
35 people
Leadership Team
29 people
Relationship Team
16 people
Sales and Marketing
7 people
Head Team
7 people
Legal and Compliance
6 people
Product Management Team
5 people
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Funding Insights of First Bank of Nigeria
- Total Funding Total Funding
- Total Rounds 2
- Last Round Debt – Conventional — $100.0M
- First Round First Round
- Investors Count 2
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| Feb, 2022 | Amount | Debt – Conventional - First Bank of Nigeria | Valuation |
investors |
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| Dec, 2014 | Amount | Debt – Conventional - First Bank of Nigeria | Valuation |
investors |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in First Bank of Nigeria
First Bank of Nigeria has secured backing from 2 investors, including venture fund and institutional investors. Prominent investors backing the company include British International Investment and Investec Asset Management UK. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Government agency focused on small and medium-sized businesses
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Founded Year | Domain | Location | |
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by First Bank of Nigeria
First Bank of Nigeria has strategically engaged in corporate development activities, having acquired 1 company. Notable acquisitions include Bic.cd. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Commercial bank
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| Company Name | Description | Domain | Location | Founded Year | Amount |
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 |
Financial Statements - First Bank of Nigeria
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
First Bank Of Nigeria Comparisons
Competitors of First Bank of Nigeria
First Bank of Nigeria operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Scotiabank, Guaranty Trust Bank, Zenith Bank, First City Monument Bank and Fidelity Bank, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Commercial banking services are provided internationally by Scotiabank.
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| domain | founded_year | HQ Location |
Nigerian multinational financial institution
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| domain | founded_year | HQ Location |
Banking and financial services are provided to individuals and businesses.
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| domain | founded_year | HQ Location |
Virtual consultations with certified doctors are facilitated online.
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| domain | founded_year | HQ Location |
Commercial banking services are provided to clients in Nigeria.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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On-demand services are booked through an app-based platform.
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App based platform offering on demand delivery and ride-hailing services
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Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on First Bank Of Nigeria
Frequently Asked Questions about First Bank of Nigeria
When was First Bank of Nigeria founded?
First Bank of Nigeria was founded in 1894 and raised its 1st funding round 120 years after it was founded.
Where is First Bank of Nigeria located?
First Bank of Nigeria is headquartered in Lagos, Nigeria. It is registered at Lagos, Lagos State, Nigeria.
What does First Bank of Nigeria do?
First Bank of Nigeria was established in 1894 as a commercial bank headquartered in Lagos. Operations are focused on retail, corporate, and investment banking within the financial services sector. A range of services, including deposits, loans, and digital banking, is offered to individuals and businesses throughout Nigeria. The bank maintains a nationwide presence with branches and digital platforms to support economic activities in the region.
Who are the top competitors of First Bank of Nigeria?
First Bank of Nigeria's top competitors include Scotiabank, First City Monument Bank and Guaranty Trust Bank.
What products or services does First Bank of Nigeria offer?
First Bank of Nigeria offers Online Banking, Loans, Savings Accounts, and Payment Solutions.
How many acquisitions has First Bank of Nigeria made?
First Bank of Nigeria has made 1 acquisition, including Bic.cd.
Who are First Bank of Nigeria's investors?
First Bank of Nigeria has 2 investors. Key investors include British International Investment, and Investec Asset Management UK.
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