President Bola Ahmed Tinubu has said his administration is working assiduously to create a system that is sustainable and globally competitive for Nigerian banks and other financial institutions to thrive.
He noted that government policies under his administration are motivated by the reality that the nation no longer has the luxury of time to postpone its economic transformation.
President Tinubu, who spoke on Wednesday when he performed the groundbreaking ceremony for a new state-of-the-art headquarters of First Bank of Nigeria at Eko Atlantic City in Lagos State, observed that banks can only prosper under a thriving economy.
Represented at the event by his deputy, Vice President Kashim Shettima, the President however pointed out that what his “administration does and sets out to accomplish rests on the cooperation and capacity of” the financial institutions.
“Banks are the engines of economic growth, and we owe it to them to champion a system that guarantees sustainability and global competitiveness. Our expectation is for our banks to excel, to expand beyond our shores, and to earn their place among the world’s most viable and profitable enterprises,” he stated.
President Tinubu maintained that his administration is working to create an enabling environment for businesses to flourish despite assuming office at a time that required difficult but necessary decisions to stabilise the nation’s economy.
He said, “We assumed office at a time that demanded bold, progressive thinking—a time that called for difficult but necessary decisions to stabilise our fiscal and monetary landscape. Our policies are inspired by the reality that we can no longer afford to postpone our economic transformation.
“This administration is committed to creating an enabling environment for businesses to flourish, and I assure you that you have a partner in this government. We are here to climb the hills of progress with you.”
The President commended First Bank for standing the test of time, saying the secret of the bank’s steadfastness, legacy of innovation and adaptability lies in the art of reinvention.
“From the Bank of British West Africa to Standard Bank of West Africa and, finally, to this 130-year-old success story, First Bank has remained a towering institution, outliving disruptions and redefining banking through the decades.
“In an industry where the fate of many banks is sealed in the dusty pages of history, surviving—let alone thriving—demands more than just calculated risks; it takes ambition, and the brilliance of refined minds. I join you here today to celebrate a legacy of innovation and adaptability that has kept First Bank ahead of the curve,” he added.
President Tinubu congratulated the board and management of First Bank for investing in a new head office, noting that it is a reassurance to the bank’s “customers, shareholders, and the government that Nigeria’s oldest financial institution is not resting on its laurels.”
He continued: “I understand all too well that history demands the best of us. The ability to manage risk is what distinguishes great banks from transient institutions.
“This groundbreaking ceremony is not just about laying the foundation for a new edifice; it testifies to First Bank’s commitment to reinvention—to adapting to the realities of our time while staying true to its heritage.
“The decision to establish this state-of-the-art headquarters in Eko Atlantic City is symbolic of a vision that extends beyond the present, positioning First Bank as a financial powerhouse in Nigeria and beyond.”
In his remarks, Lagos State Governor, Babajide Sanwo-Olu, thanked Vice President Shettima for the work he is doing for the country in support of the President.
The Governor poured encomiums on President Bola Tinubu, recalling that he was in his cabinet when the idea to create Eko Atlantic City was birthed, many of the cabinet members expressing doubt about the possibility to create a dry ground out of the bar beach.
“We want to set Lagos on a trajectory of becoming the centrepiece of finance and commerce not only in Nigeria but Africa and beyond. It will be Africa’s mega city that is safe and secure to take the mantle of leadership in the financial sector.”
Sanwo-Olu thanked the Chairman of First Bank of Nigeria (FBN) Holdings, Femi Otedola, noting that while he is economical with his words, each statement he makes carries significant weight.
Also speaking, Ogun State Governor, Prince Dapo Abiodun, said it was an honour to witness what could be aptly described as an iconic building and a significant milestone for the First Bank.
He noted that the building further redefines First Bank and its resilience in the banking industry, saying “this is bold, audacious, what tenacity is all about and First Bank has always blazed the trail.”
According to him, First Bank has since 1894 evolved into a bank with well over seven hundred branches in Nigeria and worldwide.
On his part, Chairman of First Bank Holdings, Chief Otedola, expressed gratitude and excitement over the groundbreaking ceremony, just as he eulogized President Tinubu “for his unalloyed support for this great project.”
Otedola also praised Vice President Shettima for being at the forefront of encouraging development in the country, even as he thanked the Lagos State Governor for his unwavering support and creating a conducive atmosphere for doing business in the state.
He also expressed gratitude to customers of First Bank, the regulators, especially the Governor of Central Bank of Nigeria for stabilising the activities of the services industry in the country, among others.
Welcoming the dignitaries and other guests to the ground breaking event, Managing Director and CEO of First Bank Plc, Mr. Olusegun Alebiosu, said since its establishment in 1894, First Bank had been at the forefront of Nigerian banking evolution, stressing that the journey of the bank has been defined by accountability, transparency and unwavering commitment to customers.
“It is a legacy that stood the test of time – over 13 decades, engulfing the financial landscape of our great nation and continuously shaping the business of banking in Nigeria and beyond,” he stated.
In his goodwill message, the chairman of Dangote Group, Alhaji Aliko Dangote, commended the Chairman of First Bank Group and his Board members “for building the massive structure,” describing it as always being first while others follow.
He said he is being challenged to join First Bank in Eko Atlantic City, noting, however, that after delivering the refinery, he needed to rest but will join Eko Atlantic City in the near future.
Stanley Nkwocha
Senior Special Assistant to The President on Media & Communications
(Office of The Vice President)
5th March, 2025
