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It is clear that strength, dynamism and innovation are some elements of First Bank’s success. These three are embedded in its logo depicted by a bluish elephant, which the bank proudly describes as an ‘iconic African Elephant’. Consumers today want to do business with institutions that are hip, innovative and consistently reinventing their brands to suit current trends as well as consumers’ needs. FirstBank has proved its mettle satisfactorily in this regard.
Building on of its solid icon of strength, the bank has consistently broken new ground in the domestic and foreign financial sector for over a century and two and half decades.
It is interesting to know that the three recognised species of elephant, the African bush elephant, the African forest elephant, and the Asian elephant, all have a life span projected between 50 and 80 years. Interestingly, at 125, the iconic premier bank’s species has surpassed this prognosis. Its distinct feature of longevity may be heading towards eternity.
Coming back to these elements, strength, dynamism and innovation, I’m emotionally attached to them. Simply put, they are my guiding principles. To succeed in life, one has to be strong, dynamic and innovative to overcome the perpetual waves of change and transformation, especially in respect of technological advancements. According to popular maxims, in business, there’s no standing still; the trick is to become an elephant, big enough to make a difference, healthy enough to withstand financial currents and other forms of challenges, strong enough to influence your market, and smart enough to avoid the pitfalls of growth.
Many African cultures revere elephants as a symbol of strength and power. Most times, it is used to epitomise size, longevity, stamina, mental faculties, cooperative spirit and loyalty. South Africa employed elephant tusks in its coat of arms to represent wisdom, strength, moderation and eternity.
I particularly love the elephant art; it inspires one to be strong in such a manner that you have a rugged strength and unwavering calmness to overcome all forms of hardships and barriers which are natural occurrences in life.
First Bank of Nigeria Limited, at every opportunity of relating its brand story, has consistently narrated its experience thus: “The iconic African elephant has been a robust symbol of strength and growth, establishing the organisation as a clear leader in the financial services industry. The elephant is the respected and instantly recognisable icon of the FirstBank brand identity and as such we value the trust, approachability and stability that this represents.”
Twice, the bank has utilised two unalike elephants in its logo to match the constantly evolving expectations of today’s increasingly discerning stakeholders. The latter was on January 27, 2014, when FirstBank unveiled a reinvigorated corporate identity, encompassing all its subsidiaries, to reflect the company’s refreshed strategic direction and position to meet the future needs of the market.
It was the bank’s 120th anniversary and also the financial services group had just adopted a holding company structure. There was a need to incorporate these developments in the personality of the bank through a new identity that would be part of the activities commemorating the bank’s anniversary celebration.
A new logo was created. It retained the African elephant, the recognizable icon of the brand’s identity and the blue colour associated with First Bank. But there are differences between the old and new logos. The most notable being the fusion of the gold with the blue colour. The elephant’s head has been lifted higher demonstrating stature and pride; while the trunk is longer and no longer curled inwards but pointing outwards displaying pride and charisma. The eye is looking up in the future and to the new horizon for the banking group. The tusk is also larger indicating age and heritage. These enhancements were intended to communicate the bank’s robust evolution relevant to today’s marketplace.
The bank’s statement explained, “The deep blue colour represents momentum, innovation and evolution. These principles ensure that we continue to develop solutions that are at the heart of all our customers’ challenges. The raised foot of the elephant is a promise that we will always put our best foot forward for each and every one of our customers.
“The adoption of gold into our logo, a precious metal identified with value, serves as a reminder of the inherent value and durability of our brand. This marks a renewed promise to all our stakeholders; a promise to continue to set the gold standard of value and excellence in financial solutions across sub-Saharan Africa.”
Since launching in 1894, First Bank has established itself as a brand of strength and dynamism, with vision to be the leading international banking group in sub-Sahara Africa. On Friday, March 1, 2019, First Bank officially kicked off the commemorative activities marking its 125 years of steady business operations in Nigeria.
Speaking at the anniversary flag hoisting event, the bank’s chief executive officer, Mr. Adesola Adeduntan, said, “Today, we celebrate 125 years of unbroken business operations in Nigeria; 125 years of supporting and enabling dreams; 125 years of resilience and relevance; 125 years of trust, safety and security; 125 years of long term value to stakeholders; 125 years woven in the fabric of society and therefore, we dare say, 125 years beyond comparison.”
First Bank in its 125th year is a great feat and in no small measures. Visualize Nigeria 125 years ago. There was no more than a Southern Nigeria. It was a British protectorate, part of the British Empire and the Yoruba lands had just been barely incorporated into the protectorate. Coincidentally, in that same period, precisely 1894, the country’s oldest and largest financial institution sprang up in Lagos. Though known as First Bank, today, it did not commence operations in that name. Its founder, Sir Alfred Jones, a shipping magnate from Liverpool, England, christened it Bank of British West Africa (BBWA.)
BBWA was there when the British later conquered most of Northern Nigeria including the northern caliphates. West Africa’s premier bank witnessed how the Northern and Southern Nigeria were amalgamated in 1914. Before that time, specifically in 1992, the bank had acquired its first competitor, the Bank of Nigeria (previously called Anglo-African Bank), which was established in 1899 by the Royal Nigeria Company. As Nigeria evolved, so also the bank did.
While the country battled to wriggle out of colonisation until it eventually gained independence in 1960, BBWA similarly had its own success story. In 1966, following its merger with Standard Bank UK, the bank adopted the name Standard Bank of West Africa Limited, nine years after, it changed its name from Bank of British West Africa to Bank of West Africa (BWA.) By 1969, it was incorporated locally as the Standard Bank of Nigeria Limited with the Companies Decree of 1968.
Changes in the name of the bank also occurred in 1979 and 1991 to First Bank of Nigeria Limited and First Bank of Nigeria Plc, respectively. In 2012, the bank changed its name again to First Bank of Nigeria Limited, as part of a restructuring resulting in FBN Holdings Plc (“FBN Holdings”), having detached its commercial business from other businesses in the First Bank Group, in compliance with new regulation by the Central Bank of Nigeria (CBN). First Bank had 1.3 million shareholders globally, was quoted on the Nigerian Stock Exchange, where it was one of the most capitalised companies and also had an unlisted Global Depository Receipt programme, all of which were transferred to FBN Holdings in December 2012.
All through the 125 years, the foremost bank has progressed side by side with Nigeria’s advancement amid tough economic and other forms of challenges which both have strived to overcome although in unequalled proportions. But one thing has become certain.The story of First Bank is intertwined with Nigeria’s chronological account of events.
Adeduntan explained further, “As a long-standing institution, which even predates Nigeria as a unified entity, FirstBank is entrenched in the nation’s development; woven into the fabric of the society, with our involvement in every stage of national growth and development. At the amalgamation, independence and through the seasons ever after, we have been marching hand-in-hand with you and our dear nation. We have enabled financial, technological, industrial and societal advancements, achieving very many firsts over time,”
The 125th anniversary of FirstBank is indeed an uncommon milestone in the annals of Nigeria. The bank has undeniably achieved great financial success commensurate with its state-of-the-art highrise headquarters with its logo plate strategically screaming its presence in the major commercial hub of Lagos’s central districts.
I am emotionally bonded to FirstBank’s identity features and its brand pillars, mission, vision, purpose, positioning, voice, tone, look and feel. I am particularly fascinated at how this financial institution has created and maintained these pillars over 125 years to build a strong and ageless entity of robust track record of successes and groundbreaking customers’ relationships.
