Other Nigerian banks have been advised to follow the lead of FirstBank of Nigeria Plc, which just performed the groundbreaking ceremony of its Headquarters in Eko Atlantic city, Lagos a 43 story building going up to 252 meters with the antenna.
The iconic building was described as “our own private jet,” by the Chairman of FirstHoldCo Plc, Femi Otedola whose vision brought the project to reality, and an obvious dig at wasteful spending on frivolities such as private jets by Bank CEOs in Nigeria.
“It is time for the rest of the financial services banks to do the needful as FirstBank has just done by being the First to build its headquarters in Eko Atlantic,” Lagos State Governor Babajide Sanwo-Olu said at the event.
Otedola who is a billionaire recently slammed Bank CEO’s who are spending an estimated $50 million annually just on maintaining private jets, with over $500 million (N750bn) gone into purchasing nine private jets by four banks.
Otedola in a statement last year (2024) said there is an urgent need to address entrenched issues within the Nigerian banking sector, especially a trend where some bank chief executives prioritize personal gain over their duty to shareholders and customers.
“The core values of banking—trust, integrity, and service—must be upheld. I am particularly critical of the culture of flamboyance, especially the ownership and operation of private jets,” Otedola said.
“Nigerian banks are spending an estimated $50 million annually just on maintaining private jets, with over $500 million gone into purchasing nine private jets by four banks. This level of extravagance significantly erodes public trust in our financial institutions and diverts crucial resources away from vital areas such as operational efficiency, technological innovation, and customer service.”
FirstBank is however continually shaping the future of banking in Nigeria, with its new head office set to drive the next level of innovation and sustainability in Nigeria’s financial services sector.
“It will be on completion an architectural masterpiece, a hub for financial innovation, digital transformation, technological excellence and symbol of strength that underpins a new benchmark in service,” according to the FirstBank CEO, Olusegun Alebiosu.
Africa’s richest man Aliko Dangote noted that other banks will follow now that FirstBank has rolled the ball.
“A lot of banks will now come to open their headquarters in the new financial center of Lagos, Eko Atlantic,” Dangote said.
Eko Atlantic City where the FirstBank headquarters building is located, is an entire new $6 billion coastal city being built on Victoria Island adjacent to Lagos, Nigeria.
Other major building projects in the city include a new United States (U.S.) consulate that will cost $537 million.
Gilbert Chagoury, co-founder of the Chagoury Group and developers of Eko Atlantic City said starting the FirstBank Headquarters project was of prime importance to the country and the earlier vision of President Bola Tinubu.
“Others will follow, which will make this the real financial city of Nigeria and Africa,” Chagoury said.
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