First Bank to Expand to Ethiopia, 3 Other African Countries Amid Row Over Otedola’s Leadership

• First Bank has announced plans to open operations in four African countries as it seeks to expand to other African markets
• The bank disclosed that there are more significant African markets that are opening up opportunities for operations
• The bank seeks to establish its presence in Ethiopia, Angola, Cameroon, and Cote d’Ivoire as it expands

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Nigeria’s oldest bank, First Bank, has targeted at least four African markets in its following growth strategies as African financial systems open up new vistas.

The countries include Ethiopia, Angola, Cameroon, and Cote d’Ivoire.

First Bank gives reasons for the planned expansion

The bank’s Deputy Managing Director, Ini Ebong, said there are several big economies with large bank pools that are of interest to the bank because of the financial markets that are opening up.

He mentions countries like Ethiopia, Angola, and others in Anglophone West Africa, including Cote d’Ivoire and Cameroon. He says these markets present expansion opportunities.

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The First Bank DMD said there are growing opportunities in markets across the continent, similar to what happened in some more significant African markets in the early 2000s.

Punch reports that in December 2024, the Ethiopian parliament passed a law allowing foreign banks to open subsidiaries, saying that foreign companies can only own a 49% stake in the firms.

Ethiopia passed a law that allowed foreign banks to operate.

During a panel discussion, the Ethiopian central bank governor, Mamo Mihretu, said the country had been working on laws to open the banking industries to foreign competition.

After ratifying the legislation by the Parliament, Ethiopia said it is open for business for any bank looking to operate in the country.

First Bank began establishing subsidiaries in other African countries in 2011 after acquiring Banque International de Credit, a leading bank in DRC.

First Bank acquires banks across Africa

According to reports, in November 2013, First Bank acquired International Commercial Bank Financial Group Holdings AG in the Gambia, Sierra Leone, Ghana and Guinea.

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Drama in First Bank as shareholders reject calls for Otedola’s removal

The Nigerian tier-1 bank acquired ICB Senegal in 2014, completing its acquisition of West African assets and the operations of ICBFGH.

The bank also operates in London, Paris, France, and has a representative office in Beijing, China.

First Bank Nigeria and the challenges

The bank has recently faced challenges in Nigeria, with some key shareholders asking for an Extra-Ordinary General Meeting.

They also opposed the bank’s proposed $350 billion private equity placement and called for Otedola’s resignation as Chairman.

The bank has since reassured its customers of continued smooth operations in Nigeria.

First Bank reportedly sacks 100 senior staff

Legit.ng earlier reported that First Bank reportedly laid off about 100 senior staff in a restructuring move.

A report said that the bank's executives were told to step aside as part of corporate reorganisation and repositioning in 2025.

This comes after Olusegun Alebiosu was confirmed as the bank's substantive managing director and chief executive officer.

Source: Legit.ng