Through a legacy of excellence and Innovation, First Bank of Nigeria Limited, the country’s oldest and most distinguished financial institution, has once again solidified its reputation as a leader in the banking industry. The Bank was recently crowned the Best SME Bank in Nigeria and the Best SME Bank in Africa at the 2025 Asian Bankers Awards for the second year running. The Asian Banker Global Excellence in Retail Finance Awards are renowned for their rigour, prestige and transparency, celebrating excellence across financial services, technology, risk management and transaction finance.

These prestigious recognitions reaffirm FirstBank’s unwavering commitment to Small and Medium Enterprises (SMEs), a sector that serves as the backbone of Nigeria’s and Africa’s economy. For over a century, First Bank of Nigeria Limited has been instrumental in the nation’s financial evolution, pioneering innovative banking solutions and fostering economic growth.

The awards underscore the efficacy of its strategic focus on empowering SMEs through tailored support programs and an inclusive economic environment where small/medium businesses can thrive and also grow to compete globally. Winning these distinguished awards is no small feat. FirstBank stood out among its competitors across the continent due to several of the Bank’s key initiatives which have effectively transformed the SME banking landscape in all countries where the bank operates.

Some of the Bank’s Tailored Financial Solutions include customised loans and flexible credit facilities to cater to SMEs at various growth stages. From microloans for startups to large-scale funding for expanding businesses, FirstBank has ensured that small businesses have access to the capital they need to thrive.

The bank’s SMEConnect platform, a digital hub that provides SMEs with access to financial resources, business advisory services, and networking opportunities, has been a game-changer. This initiative has helped thousands of entrepreneurs navigate challenges and scale their operations effectively.

Beyond financial support, FirstBank has invested in entrepreneurship training programs to equip SMEs with knowledge in financial literacy, business management, and technology adoption. Partnerships with organisations like the International Finance Corporation (IFC) and the Nigerian government have further strengthened these initiatives.

Women-Led and Youth Entrepreneurship Support is another tool which he Bank has deployed to its benefit. By recognising the role of women in economic development, the Bank has a dedicated product – FirstGem, which provides financial support to women entrepreneurs. In addition, the Retail Temporary Overdraft (RTOD) product, tailored to SMEs aims to provide financial support for their businesses. These strategic efforts have set FirstBank apart, positioning it as the ‘go-to’ financial partner for SMEs across Africa.

The recognition of FirstBank as the Best SME Bank in Nigeria is not just a win for the Bank but also for the entire Nigerian economy. SMEs account for over 90% of businesses in Nigeria and contribute significantly to employment and GDP. By providing robust financial solutions and business support, FirstBank is fostering job creation, innovation, and sustainable economic growth. With access to better funding, training, and technology, more SMEs can scale their operations beyond local markets and compete on the global stage. This award also highlights Nigeria’s potential as a hub for entrepreneurship and business expansion.

FirstBank’s achievement is expected to set a new benchmark for banking excellence in Africa. Other financial institutions will likely follow suit, improving their SME-focused initiatives, leading to a more vibrant and competitive business environment.

FirstBank will continue to champion SME growth, affirm its legacy as a trusted financial partner whose commitment remains unshaken. This award serves as both recognition of past efforts and a call to push boundaries further in supporting African businesses.

For small business owners, aspiring entrepreneurs, and the Nigerian economy, FirstBank’s success story is a beacon of hope, proving that with the right financial backing, the possibilities are limitless for the average businesses.

For the African continent, First Bank of Nigeria Limited’s win at the Asian Banker Awards for Excellence in Retail Finance Global Award 2025 marks a significant milestone in African banking history. It showcases the Bank’s relentless commitment to empowering SMEs, driving digital transformation, and fostering economic prosperity across the continent. As the Bank continues to innovate and expand its reach, the future for SMEs in Nigeria and Africa looks brighter.

General Hydrocarbons Ltd has countered the claims of FirstBank regarding the court ruling unfreezing its accounts, which was issued by Justice Deinde Dipeolu of the Federal High Court, Lagos.

In a statement made available to The TheNigerian on Sunday which was signed by the management of  GHL, the firm labelled the appeal of FirstBank against the ruling as an abuse of process.

Justice Dipeolu on Wednesday vacated an ex parte Mareva injunction that froze the assets of General Hydrocarbons Limited, a Nigerian oil and gas services company, in connection with a disputed $225.8m loan debt, holding that the injunction violated an existing order from a court of concurrent jurisdiction.

GHL disclosed that banks have begun to comply with the order following the court pronouncement. However, FirstBank warned that the compliance of banks was premature as the process wasn’t completed and that they had appealed the ruling.

Countering the claims, GHL said, “Our attention has been drawn to various reports and advertisements by First Bank over the weekend purportedly proffering reasons why the banks should not comply with the orders of Hon Justice Deinde Dipeolu lifting the interim Mareva orders and other orders made on 30 December 2024, claiming they have appealed or are appealing the ruling of Justice Dipeolu in the dispute between FBN and GHL over FBN’s non-compliance with its obligations.

“The purported appeal filed by FBN and the said motion for injunction/ suspension of the discharge order is another incidence of gross abuse of process. Compliance with the order is therefore a completed act and does not need any further steps to be taken as erroneously claimed by FBN.

“In law, you cannot injunct a completed act. Secondly, the order discharging the Mareva is a declarative order. In law, a declarative order cannot be stayed neither can it be suspended, particularly after it has been obeyed. This is another incidence of desperation on the part of FBN and its lawyers either by deliberately misinterpreting extant court rulings, suppressing facts to the court and generally misinforming the general public. We reiterate and confirm that banks have complied with the extant orders of the court, except perhaps FBN.”

GHL disclosed that the orders were set aside by the court primarily because FirstBank had deliberately withheld material facts about an existing order of court made by Allagoa J., restraining FirstBank from approaching the courts (or any other forum) to enforce the facility agreement between FirstBank and GHL pending the arbitration between the parties which was initiated almost two months before FBN had approached Dipeolu for the interim Mareva orders.

“It is important to state that orders of court are valid and enforceable upon pronouncement and do not require more for them to come into effect. The order of Dipeolu J. lifting the Mareva orders is therefore the status quo between the parties with respect to accounts maintained by GHL, its directors and shareholders with the banks.

“FBN has also falsely informed the public that they have filed a notice of appeal against the said orders of Dipeolu J. lifting the Mareva orders, together with an application for injunction/suspension of the discharge order. We wish to state unequivocally that at the time of this publication, no notice of appeal or motion for injunction has been filed by FBN against the discharge orders of Dipeolu J. If they have been filed, they have not been served on GHL.

“It is pertinent to mention that even if these court processes had been filed and served on GHL, they do not have the effect that FBN has deliberately, again, misrepresented to the public. This is so because no positive orders of the court have been made in respect of these court processes to bind the banks or GHL. In all, it is safe to say that these publications have been made without appropriate legal advice and we urge the public to disregard them,” GHL said.

It went on to maintain that “the arbitration process initiated by GHL in relation to FBN’s non-compliance with its obligations upon which it declared profit from a loss position in  2021/2023 is ongoing and GHL remains committed to participating in that process and bringing this dispute to a logical conclusion.”

GHL and FirstBank have been embroiled in a tussle over a disputed $225.8m loan debt.