While many of Nigeria’s Tier-1 banks were born from the entrepreneurial surge of the late 20th century, First Bank of Nigeria stands as a relic of a different era. To understand its origin, one must look back to 1894—a time before the Nigerian naira existed—and to its founder, Sir Alfred Lewis Jones, a visionary shipping magnate whose life story is a masterclass in vertical integration.
As of 2026, First Bank remains a cornerstone of the Nigerian economy, but its roots are inextricably linked to the maritime trade routes that first connected West Africa to the global stage.
Sir Alfred Jones was not born into the world of high finance. Born in 1845 in Carmarthen, Wales, he moved to Liverpool as a young boy, where the bustling docks became his classroom. He started his career as a lowly cabin boy and later an apprentice clerk at a shipping firm.
His rise was fueled by an extraordinary work ethic; he was known to arrive at his office at 8:00 AM and stay late into the night, personally overseeing every detail of his cargo. By the time he was in his thirties, he had risen through the ranks to lead Elder Dempster & Company, the dominant shipping line operating between Liverpool and West Africa.
Jones was a man of diverse interests—he was responsible for popularizing the banana trade in Europe (importing them from the Canary Islands) and founded the Liverpool School of Tropical Medicine because he realized that if his sailors and traders kept dying of malaria, his business would fail.
1894: The Birth of the Bank of British West Africa (BBWA
Jones’s foray into banking was born of practical necessity rather than a desire to be a moneylender. In the late 19th century, trade in West Africa was hindered by a lack of a formal financial system. Merchants relied on “barter” or cumbersome “commodity currencies” like cowries and brass rods.
In March 1894, Jones founded the Bank of British West Africa (BBWA) in Lagos (the direct ancestor of today’s First Bank) to solve three specific problems:
• The Currency Gap: He needed a way to pay his workers and for traders to settle accounts without carrying bags of shells.
• The Monopoly on Silver: For years, his bank held the exclusive right to import silver currency from the Royal Mint in London to West Africa, making it the “de facto” central bank of the region.
• Maritime Synergy: The first bank branch actually began inside the Elder Dempster shipping office in Lagos.
From Colonial Roots to National Identity
The journey from Sir Alfred Jones’s BBWA to the modern First Bank of Nigeria is a story of nationalisation and resilience:
1. Standard Bank Era: In 1966, the bank merged with the Standard Bank of South Africa, becoming Standard Bank of West Africa.
2. Nigerianization: Following the indigenization decrees of the 1970s, the bank transitioned to local control. By 1979, it officially became First Bank of Nigeria Limited.
3. Modern Powerhouse: Today, the bank is the lead subsidiary of FBN Holdings Plc, having survived world wars, economic depressions, and the digital revolution.
While Sir Alfred Jones dealt in silver coins and steamships, the First Bank of 2026 is a leader in digital transformation.The bank has moved beyond physical branches to a massive “Firstmonie” agent network, which is crucial for financial inclusion in rural Nigeria.
Following the CBN’s 2024-2026 recapitalization directive, First Bank has significantly bolstered its capital base, ensuring it remains “First” in the competitive Tier-1 category.
Sir Alfred Jones’s contribution to Nigeria was more than just a bank; it was the introduction of a formal monetary economy. He was a man who understood that infrastructure (shipping) and finance (banking) were two sides of the same coin.
Today, when you see the iconic “Elephant” logo of First Bank, you are looking at a lineage that stretches back 132 years—from a cabin boy’s ambition in Liverpool to a digital giant serving millions of Nigerians across the globe.
“To succeed in Africa, one must provide the tools for Africa to trade with the world.” — A philosophy attributed to the maritime era of Sir Alfred Jones.
