President Bola Tinubu has reaffirmed his administration’s commitment to fostering a sustainable and globally competitive financial sector in Nigeria. He emphasized that government policies are driven by the urgency of economic transformation, leaving no room for delay.
Speaking at the groundbreaking ceremony for First Bank of Nigeria’s new headquarters at Eko Atlantic City, Lagos, on Wednesday, Tinubu—represented by Vice-President Kashim Shettima stressed that banks can only thrive in a robust economy. He noted that his administration’s success is closely tied to the strength and cooperation of financial institutions.
“Financial institutions are the engines of economic growth, and we are determined to build a system that ensures sustainability and global competitiveness. We expect Nigerian banks to expand beyond our shores and become some of the world’s most profitable enterprises,” he said.
Despite taking office amid economic challenges, Tinubu assured businesses of a supportive environment, stating, “We came in at a time that demanded bold and progressive decisions to stabilize our fiscal and monetary systems. This administration is fully committed to ensuring businesses flourish, and we are ready to walk this journey with you.”
The president commended First Bank for its legacy of resilience and innovation, tracing its evolution from the Bank of British West Africa to Standard Bank of West Africa, and now, as a 130-year-old institution leading Nigeria’s banking industry.
“In a sector where many banks have come and gone, First Bank’s longevity is a testament to ambition, strategic reinvention, and excellence. This new headquarters symbolizes a vision that extends beyond the present, positioning First Bank as a financial powerhouse,” Tinubu added.
Lagos State Governor Babajide Sanwo-Olu expressed gratitude to Vice-President Shettima for his support of the president’s initiatives. He highlighted the vision behind Eko Atlantic City, a project initiated under Tinubu’s administration as Lagos governor, and reaffirmed efforts to make Lagos Africa’s financial hub.
Ogun State Governor Dapo Abiodun described the new First Bank headquarters as a bold and audacious move, underscoring the bank’s resilience and leadership in the industry.
First Bank Holdings Chairman, Femi Otedola, lauded President Tinubu’s unwavering support for the project and praised the Central Bank of Nigeria for stabilizing the financial sector. He also expressed appreciation to First Bank’s customers and stakeholders.
First Bank Managing Director, Olusegun Alebiosu, highlighted the bank’s 130-year history of transparency, accountability, and commitment to its customers. He noted that the institution remains at the forefront of Nigeria’s banking evolution.
Business magnate Aliko Dangote commended First Bank’s leadership and hinted at future investments in Eko Atlantic City, following the completion of his refinery project.
The groundbreaking event marks a significant milestone for First Bank, reinforcing its position as a key player in Nigeria’s financial landscape.
