FBN Holdings Plc

First Bank of Nigeria — the bank wrapped inside FBN Holdings — is the oldest bank in Nigeria, established in 1894. The yellow-and-blue First Bank buildings are Lagos landmarks: the 30-storey FBN Headquarters at 35 Marina Street is one of Lagos Island's most recognizable structures. For Lagos investors, FBN Holdings carries deep historical weight. If your parents or grandparents had a bank account in Nigeria, it was almost certainly First Bank. The bank's extensive branch network — over 750 branches nationwide — gives it the largest physical presence in Lagos and across Nigeria. The stock trades at 1.2x P/E — the cheapest among Nigerian Tier 1 banks — reflecting market concerns about non-performing loans and ongoing leadership transitions. For deep-value investors, FBN Holdings represents the most extreme value play in Nigerian banking, paired with a 7% dividend yield.

FBN Holdings Plc is the holding company of First Bank of Nigeria Limited — Nigeria's oldest bank, established in 1894 as the Bank of British West Africa. The current holdco structure was formed in 2012 through a restructuring that separated the bank from its insurance, asset management, and capital markets businesses. First Bank's heritage spans 130 years and three centuries of Nigerian financial history. The bank has financed major Nigerian infrastructure projects, served as the main banker to the colonial and post-independence governments, and built the largest branch network in West Africa. Today, FBN Holdings operates across Banking (First Bank Nigeria, FBNBank UK, FBNBank Ghana, FBNBank DRC, FBNBank Sierra Leone, FBNBank Gambia, FBNBank Senegal, FBNBank Guinea), Insurance (FBN General Insurance, FBN Life), Capital Markets (FBNQuest), and Asset Management. The Group has approximately ₦15 trillion in assets and 30 million customers. Financial performance has improved markedly. Revenue reached ₦1.6 trillion in 2025, with PAT of ₦335 billion. The 12% ROE lags GTCO and Zenith but represents a meaningful turnaround from the post-2017 NPL cleanup years. Recent leadership changes and capital raises have positioned the group for accelerating recovery.