In this article, we will be discussing about First Bank of Nigeria (FBN) salary structure this 2023, with a view of knowing just how much they pay their staff members per month. Many Nigerian banks pay attractive monthly salaries, this is a dream for a host of fresh graduates seeking employment at some of the reputable companies in the financial sector, and FBN offers them just that and a clear path for career growth.
FIRST BANK OF NIGERIA LIMITED: COMPANY PROFILE
First Bank of Nigeria Limited, known simply as FirstBank, was established in 1894, and as its name implies, it is the first ever Bank in the entire West African region, and Nigeria’s premier bank brand which also doubles as the leading financial services solutions provider in the country. This financial institution was founded by Sir Alfred Jones, a shipping magnate from Liverpool, England. With its head office originally in Liverpool, the Bank commenced business on a modest scale in Lagos, Nigeria under the name, Bank of British West Africa (BBWA).
In 1912, the Bank acquired its first competitor, the Bank of Nigeria (previously called Anglo-African Bank) which was established in 1899 by the Royal Niger Company, and by 1957, the Bank changed its name from Bank of British West Africa (BBWA) to Bank of West Africa (BWA). In the year 1966, after its merger with Standard Bank, UK, the Bank adopted the name Standard Bank of West Africa Limited and in 1969 it was incorporated locally as the Standard Bank of Nigeria Limited in line 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 FirstBank Group, in compliance with new regulation by the Central Bank of Nigeria (CBN). FirstBank had 1.3 million shareholders globally, was quoted on The Nigerian Stock Exchange (NSE), where it was one of the most capitalised companies and also had an unlisted Global Depository Receipt (GDR) programme, all of which were transferred to its Holding Company, FBN Holdings, in December 2012.
Building on of its solid foundation, the Bank has consistently broken new ground in the domestic financial sector for over a century and two decades. FirstBank is present in the United Kingdom and France through its subsidiary, FBN Bank (UK) Limited with branches in London and Paris; and in Beijing with its Representative Offices there.
In October 2011, the Bank acquired a new subsidiary, Banque International de Credit (BIC), one of the leading banks in the Democratic Republic of Congo. In November 2013, FirstBank acquired ICB in The Gambia, Sierra-Leone, Ghana and Guinea, and in 2014, the Bank acquired ICB in Senegal. These were major landmarks in its plan for growing its sub-Saharan African footprint and all the African subsidiaries now bear the FBN Bank brand.
As the global operating environment evolves, FirstBank has kept pace, responding to the dynamic needs of its customers, investors, regulators, host communities, employees and other stakeholders. Through a balanced approach to plan execution, FirstBank has consolidated its industry leadership by maintaining trans-generational appeal. Thus, the Bank has continuously boosted its customer-base, which cuts across all segments in terms of size, structure and sectors.
Leveraging experience spanning over a century of dependable services, FirstBank has continued to build relationships and alliances with key sectors of the economy that have served as strategic building blocks for the wellbeing, growth and development of the country. With its huge asset base and expansive branch network, as well as continuous re-invention, FirstBank is Nigeria’s strongest banking franchise, maintaining market leadership on all fronts in the nation’s financial services industry.
FIRST BANK OF NIGERIA (FBN) LIMITED SALARY STRUCTURE 2023: HOW MUCH THEY PAY THEIR STAFF
For many people who want to know what First Bank pays its workers, we have authentic information in that regard and we will be looking at the salaries of a select number of professionals at this top financial institution in Nigeria today.
The positions at First Bank whose monthly earnings we shall be discussing in detail include those of contract staff, entry level workers, banking assistants (BA), assistant banking officers (ABO), banking officers (BO), senior banking officers (SBO), Assistant Managers (AM), and a host of others. So how much does First Bank pay its employees as salary per month? Let’s find out below:
FIRST BANK SALARY SCALE FOR CONTRACT STAFF
Contract staff at First Bank of Nigeria Limited are paid monthly basic salaries in the range between ₦82,000 – ₦120,000 this 2023, amounting to a total yearly salary between ₦984,000 – ₦1.4 million. These monthly earnings are hugely dependent on the outsourcing company which a particular First Bank contract staff is under.
WHAT IS THE MONTHLY BASIC SALARY OF FIRST BANK ENTRY LEVEL STAFF?
The starting salary for entry level workers at First Bank of Nigeria Limited per month this 2023 is about ₦176,000, which totals a yearly basic income of ₦2.1 million. Other monetary benefits when added to their monthly income, improves their salary package significantly. Entry level staff members at First Bank of Nigeria Limited are fresh graduates recently recruited into the company.
BANKING ASSISTANTS SALARY SCALE AT FIRST BANK
Banking Assistants at First Bank are experienced members of staff at the bank who are paid monthly salaries of about ₦203,000, which is just over ₦2.4 million a year, excluding other benefits.
ASSISTANT BANKING OFFICERS SALARY SCALE AT FIRST BANK
Assistant banking officers at First Bank of Nigeria Limited are paid ₦300,000 or more per month. Their salary per year totals ₦3.6 million or more.
BANKING OFFICERS SALARY STRUCTURE AT FIRST BANK OF NIGERIA LIMITED
Banking officers at First Bank are paid monthly salaries of about ₦400,000 or more, and this totals about ₦4.8 million every year, excluding allowances and bonuses. This position comes with a lot of responsibilities.
SENIOR BANKING OFFICERS SALARY STRUCTURE AT FIRST BANK
The monthly salary that senior banking officers receive at First Bank of Nigeria Limited is about ₦500,000 or more depending on their job responsibilities, and in a year, these earnings total about ₦6 million or more. To get to the position of senior banking officer, one must be very highly cerebral and because the position is really very competitive, one must endeavour to work really smart at all times.
HOW MUCH DO ASSISTANT MANAGERS EARN AS MONTHLY TAKE HOME PAY AT FIRST BANK OF NIGERIA?
Assistant managers at First Bank are paid monthly salaries in the range between ₦700,000 – ₦800,000, which when summed up in a year, amounts to incomes in the region between ₦8.4 million – ₦9.6 million. These groups of First Bank staff are saddled with a lot of responsibility.
MANAGERS SALARY STRUCTURE AT FIRST BANK OF NIGERIA LIMITED
Managers at First Bank earn really high figures as salaries per month. As at the time of writing this article, we could not establish the exact figures. Deputy managers, senior managers and principal managers all earn very attractive sums at First Bank of Nigeria Limited, and as time goes by, we will update you our esteemed readers on the various figures when the information is made available.
3 CommentsAdd a Comment
This is by far the most accurate article I have read about commercial bank salaries and structure. Instead of those that put loan & credit officers. You must have done good research. Nice!
Well articulated with so much information. Welldone
Wonderful, Thanks for the knowledge.