By JKNewsMedia
NIGERIA’s FINANCIAL landscape is undergoing a major transformation as the federal government prioritises policies aimed at strengthening banking institutions to compete on a global scale.
President Bola Ahmed Tinubu has emphasised that his administration is dedicated to fostering a sustainable and globally competitive environment for banks and financial institutions to thrive.
Speaking at the groundbreaking ceremony of First Bank of Nigeria’s new headquarters in Eko Atlantic City, Lagos, Tinubu, represented by Vice President Kashim Shettima, emphasised his government’s commitment to driving economic stability.
He acknowledged that Nigeria no longer has the luxury of postponing economic transformation, urging financial institutions to rise to the challenge.
“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.
The President also noted that his administration has taken bold and necessary steps to stabilise the nation’s economy despite inheriting a challenging fiscal and monetary landscape.
Policies implemented so far, he explained, are designed to create an enabling environment for businesses to thrive, ensuring that financial institutions play a leading role in economic development.
“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,” Tinubu stated.
He praised First Bank’s ability to adapt and remain a dominant force in Nigeria’s financial sector for over 130 years, highlighting the bank’s legacy of innovation and resilience.
“From the Bank of British West Africa to Standard Bank of West Africa, and now a 130-year-old success story, First Bank has remained a towering institution, outliving disruptions and redefining banking through the decades,” he added.
Ambitious New Headquarters
First Bank’s explained that its decision to construct a state-of-the-art 43-storey headquarters in Eko Atlantic City reflects its long-term vision and resilience.
The project, described as an engineering and environmental masterpiece, will be the tallest building in Nigeria, setting new standards for financial infrastructure in Africa.
Governor Babajide Sanwo-Olu of Lagos State, who presented the Certificate of Approval for the project, commended First Bank for taking a bold step in redefining Nigeria’s financial landscape.
He noted that the bank’s investment in Eko Atlantic City symbolises confidence in the nation’s economic future.
“We want to set Lagos on a trajectory of becoming the centerpiece of finance and commerce not only in Nigeria but across Africa. Eko Atlantic City is a model for the continent, and First Bank’s investment will be a game-changer,” Sanwo-Olu stated.
Sanwo-Olu further praised President Tinubu for his foresight in conceptualising Eko Atlantic City during his tenure as Lagos State Governor.
He recalled that many had doubted the feasibility of transforming the Atlantic Ocean coastline into a thriving business hub, yet today, it is a beacon of development and investment.
The event attracted prominent figures in Nigeria’s financial and business sectors, including Ogun State Governor Dapo Abiodun, Chairman of First Bank Holdings Femi Otedola, and business moguls such as Aliko Dangote, Mohammed Indimi, and Deji Adeleke.
Otedola expressed gratitude for the support of the federal and Lagos State governments in realising the project.
He praised Vice President Shettima for championing economic growth and thanked First Bank’s customers and regulators for their trust and partnership.
In his remarks, First Bank’s Managing Director and CEO, Olusegun Alebiosu, reaffirmed the bank’s commitment to maintaining industry leadership.
“First Bank has stood the test of time—over 13 decades of shaping the financial landscape of our great nation. This new headquarters is a testament to our unwavering commitment to innovation and customer service,” he said.
The groundbreaking of First Bank’s headquarters is seen by many as a defining moment in Nigeria’s banking sector.
Governor Sanwo-Olu called on other financial institutions to follow First Bank’s example by investing in Eko Atlantic City and strengthening Lagos’ position as Africa’s financial hub. He also presented a Certificate of Approval for Construction to the First Bank management at the event.
“This is a clarion call to other financial institutions. First Bank has taken the lead, and now it’s time for others to follow. Lagos is ready to provide the enabling environment for investments that will drive growth and economic expansion,” he declared.
