First Bank’s 43-story headquarters at Eko Atlantic City: Tinubu says Banks can only prosper in a thriving economy

“This new head office complex is not just about a modern architectural masterpiece; it is about reimagining banking for generations yet unborn."

BrandPower Magazine 5 hours agoLast Updated: 06/03/2025

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First Bank's 43-story headquarters at Eko Atlantic City: Tinubu says Banks can only prosper in a thriving economy

President Bola Tinubu says Banks can only prosper in a thriving economy and the current administration is diligently working to establish a sustainable and globally competitive system for Nigerian banks and other financial institutions to thrive.

President Bola Tinubu who was represented by Vice President Kashim Shetti said this while performing the groundbreaking ceremony for FirstBank’s new 43-storey eco-friendly headquarters in Eko Atlantic City, Lagos, which is set to become the tallest building in Nigeria on Wednesday.

First Bank projects steady growth for Nigeria

He said what the current administration had set out to achieve 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 said.

According to him, the administration is ensuring an enabling environment for businesses to flourish.

He acknowledged that the government assumed office during a challenging period, which required making 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 said.

Other dignitaries at the event are Governors Dapo Abiodun (Ogun) and Lucky Aiyedatiwa (Ondo), Lagos Deputy Governor Dr Obafemi Hamzat, former Senate President Bukola Saraki, and prominent business leaders, including Aliko Dangote, Gilbert and Roland Chagoury, Deji Adeleke, Mohammed Indimi, and Sen. Daisy Danjuma.

First Bank receives certificate to build 43-storey headquarters

Meanwhile, Gov. Babajide Sanwo-Olu of Lagos on Wednesday approved the construction of First Bank’s 43-storey building headquarters within the Eko Atlantic City

Sanwo-Olu, while presenting the certificate of approval to First Bank, commended the effort of the management of the bank toward sustaining the bank’s legacy over the years which is being consumated in bold relief with the new First Bank 43-story headquarters.

He gave the commendation during the groundbreaking ceremony of the First Bank’s 43-storey headquarters performed by Vice President Kashim Shettima.

Thr governor appreciated Mr Gilbert Chagoury and his brother, Mr Ronald Chagoury, owners of Eko Atlantic City, for the transformative role they played in developing the city.

He invited other financial institutions to emulate what First Bank had done while promising thqt the state government would continue to create the right environment for businesses to thrive.

“We want to see the tower on a month-on-month rising out of the sun of the aquatic city. I will be presenting the certificate of approval for the bank to begin the construction of the 43-storey building.

“I invite the Managing Director of First Bank to come forward and receive the certificate, so that they know that we are doing it properly. From tomorrow, start the construction.

“We want the Chagoury brothers to give other financial institutions approval as well. If they have not bought their land.

“You will be given generous payment plan so that you can start your own development as well.

“Lagos and First Bank have had about 13 decades of relationship and I must state that this Eko Atlantic City is one of the wonders of Lagos. It is going to accommodate more corporate organisations,” he said.

Also speaking, Mr Olusegun Alebiosu, Chief Executive Officer of First Bank Holdings, said the journey of the bank could be defined by resilience, adaptability and commitment to the its customers.

He described the groundbreaking ceremony of the First Bank 43-story headquarters as a momentous occasion which signifies the bank’s commitment to repositioning it for the future.

“This groundbreaking ceremony is a momentous occasion for us, signifying our commitment to repositioning sturdily as ‘the’ Bank for the future.

“This new head office complex is not just about a modern architectural masterpiece; it is about reimagining banking for generations yet unborn.”

“It will serve as a hub for financial innovation, digital transformation and operational excellence; ensuring that FirstBank remains ahead in an era where technology is reshaping the industry.

“The 43-storey edifice will become the tallest building in Nigeria and West Africa upon its completion.

“It will be a symbol of strength, embodying the progress we have made as an institution and reflecting our ambition to set new benchmarks in service delivery, operational efficiency and customer experience.

Mr Femi Otedola, Chairman, Board of Directors, First Bank Holdings, said that th building represented a significant milestone in the history of Lagos and Nigeria.

He assured everyone that First Bank would continue to build a legacy to behold as it moves further to focusing on becoming customer-centric bank

He said “I am extremely grateful to President Bola Tinubu and Gov. Babajide Sanwo-Olu for their unalloyed support for this project and for creating a conducive environment for doing business in Lagos.

“I also appreciate the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, for his remarkable effort in maintaining the stability and growth of Nigeria’s banking industry.”

Gov. Dapo Abiodun of Ogun promised to continue to support the bank.

“This is a bold and audacious move by First Bank. This is what tenacity does. Even with over 700 branches across the world, it stands as a financial institution with the largest network.

“This building, upon completion, can be an incubation centre for learning in the financial sector. We will continue to support First Bank and I congratulate Odetola and Alebiosun for being dodged.

Gov. Lucky Aiyedatiwa of Ondo also lauded the effort of the bank.

He saluted those who had contributed to the growth of the bank since its creation in 1894, noting it had evolved to being a generational bank.