FirstBank of Nigeria: Developing an Internationalization Strategy

Abstract

Mr Bisi Onasanya, Managing Director and Chief Executive Officer of FirstBank of Nigeria Ltd (FBN) was collecting his thoughts after a meeting held with officials of Central Bank of Nigeria (CBN), the apex regulator of the Nigerian financial services industry. He had been appointed Managing Director of FBN in 2009 and was directing the bank’s ambitious agenda of establishing its presence in most major cities of Sub-Saharan Africa. He reflected on CBN’s plan to make Nigeria Africa’s financial capital and major financial services hub and the role FBN had to play as Nigeria’s largest bank in this process. Bisi synthesized some crucial lessons he would have to bring to bear as Nigeria moved up the African scale of economic importance and relevance. FBN’s Nigerian heritage laid the framework for its proposed aggressive internationalization.