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First Bank of Nigeria Sort Codes Across Nigeria

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First Bank Sort Codes in Nigeria

A First Bank sort code identifies both the bank and the branch where an account is domiciled. A First Bank sort code is a 9-digit number with the first 3 digits identifying the bank’s code, while the next digit represents the location and the last 5 digits tell the branch.

Below is the complete list of First Bank of Nigeria sort codes and branches across Nigeria.

S/N FIRST BANK SORT CODES  BRANCHES
1 011151003 F.B.N. H/OFFICE FIN CONTROL
2 011231017 ABA [MAIN]
3 011171025 ABEOKUTA
4 011241036 AGBOR
5 011151045 APAPA
6 011151058 IJORA LAGOS
7 011151061 AJEGUNLE
8 011231017 ABA TOWN
9 011181086 AKURE MAIN
10 011161093 SULEJA
11 011041100 BENIN KING SQUARE
12 011041113 BENIN MISSION ROAD
13 011201128 BUKURU
14 011121130 BOMPAI
15 011031149 BAUCHI
16 011201157 BASSA
17 011201160 BARKIN LADI
18 011161190 BIDA
19 011071206 CALABAR
20 011191212 IBADAN (ORITA CHALLENGE)
21 011191238 UNIVERSITY OF IBADAN
22 011071248 UNIVERSITY OF CALABAR
23 011171261 IDIROKO
24 011011279 IKOT ABASI
25 011311306 DAMATURU
26 011311306 DARAZO
27 011061326 DAMBOA
28 011311306 DAMAGUN
29 011241382 EVWRENI (DELTA STATE)
30 011011350 EFA
31 011291361 ERIN-OSUN
32 011071374 EKORI
33 011241382 EVWRENI
34 011251437 ENUGU (MAIN)
35 011241421 DELTA
36 011254137 ENUGU (UWANI)
37 011181442 EFON ALAYE
38 011151456 EPE
39 011041469 EKPOMA
40 011281478 EGBE
41 011011486 ETINAN
42 011251495 EZZAMGBO
43 011131502 FUNTUA
44 011091529 FUFORE
45 011251534 EMENE IND. ESTATE
46 011251547 EHA ALUMONA
47 011181552 EMURE EKITI
48 011181565 ERIJIYAN EKITI
49 011151579 ORILE IGANMU
50 011311607 GASHUA
51 011311610 GEIDAM
52 011031628 GOMBE
53 011221632 GUSAU
54 011091642 GANYE
55 011221658 GUMMI
56 011201665 KURGWI
57 011111674 KADUNA KAWO
58 011081681 ABAJI
59 011241696 AGBARHO
60 011091707 HONG
61 011261715 HADEJIA
62 011181727 ILASA EKITI
63 011221739 ILLELA
64 011251741 INYI
65 011181947 IGBOGILA
66 011181769 IKARAM AKOKO
67 011071785 IKOM
68 011151799 IKORODU
69 011191212 IBADAN (BANK ROAD)
70 011191814 IBADAN (AGODI)
71 011191827 IBADAN (AMUNIGUN)
72 011181837 IKARE
73 011151841 IKEJA
74 011011855 IKOT EKPENE
75 011291866 ILESHA
76 011151870 AGEGE
77 011151883 IKEJA IND EST
78 011151896 ILUPEJU IND EST
79 011141903 ILORIN
80 011151919 IGANMU
81 011151922 ISOLO LAGOS
82 011181934 ILE OLUJI
83 011181947 IGBOKODA
84 011291950 IPETU-IJESHA
85 011151964 MURTALA MOHAMMED AIRPORT
86 011171973 IJEBU-ODE
87 011181989 IDO-ANI
88 011291992 ILE-IFE
89 011202004 JOS (MAIN)
90 011202017 JOS (MARKET)
91 011202020 JOS (SECRETARIAT)
92 011202046 UNIVERSITY OF JOS
93 011232058 ABA FACTORY ROAD
94 011282066 IYAMOYE
95 011032070 GAMAWA
96 011282082 AKPANYA
97 011152099 IKEJA (ALLEN AVENUE)
98 011112107 KADUNA (MAIN)
99 011112110 KADUNA (BANK ROAD)
100 011112123 KADUNA (SOUTH)
101 011032148 KALTUNGO
102 011122155 KANO (MAIN)
103 011122168 KANO (FAGGE TA KUDU)
104 011032177 KATAGUM AGENCY
105 011162186 KATCHA
106 011222194 KAURA NAMODA
107 011162209 KONTAGORA
108 011132213 KATSINA
109 011052225 KATSINA ALA
110 011162238 KAGARA
111 011062245 KONDUGA AGENCY
112 011302250 KARIM LAMIDO
113 011152277 KETU
114 011142287 KOSUBOSU
115 011162296 KUTA
116 011152303 MARINA BRANCH
117 011152316 BROAD ST LAGOS
118 011152329 LAGOS (M.MOHAMMED WAY)
119 011152332 OBUN-EKO BRANCH.
120 011152345 EBUTE-METTA LG
121 011152358 LAGOS (YABA)
122 011152316 INVESTMENT HOUSE
123 011152374 MOLONEY ST. BRANCH.
124 011152387 LAGOS (WESTERN HOUSE)
125 011152390 LAGOS (SURULERE)
126 011152400 LAGOS (FALOMO)
127 011152413 LAGOS (FED. SECTRIAT)
128 011152426 ABIBU-OKI BRANCH.
129 011152439 NIJ HOUSE BRANCH.
130 011152442 STOCK EXCHANGE BRANCH.
131 011152455 LAGOS (OREGUN)
132 011152468 LAGOS (OGBA)
133 011152471 LAGOS REGIONAL CENTRE
134 011152484 LAGOS (ALAUSA SEC.)
135 011302496 LAU
136 011062503 MAIDUGURI
137 011132514 MALLUM FASHI
138 011162526 MINNA
139 011052539 MAKURDI
140 011092544 MICHIKA
141 011202554 MANGU
142 011152565 MATORI BRANCH.
143 011282574 MOPA
144 011092586 MAYO-BALEWA
145 011312606 NGURU
146 011102612 NKWOAGU ISUOCHI
147 011022624 NKWELLE EZUNAKA
148 011022637 NNEWI
149 011152646 NAVY TOWN OJO
150 011102667 OKWELLE
151 011242679 OGWASHI-UKU
152 011022682 OGBUNIKE
153 011282697 OGORI
154 011192703 OGBOMOSO
155 011022718 ONITSHA (MAIN)
156 011022721 ONITSHA (NWOBODO AV.)
157 011022734 ONITSHA (IWEKA ROAD)
158 011022747 ONITSHA (BRG.HEAD MRKT.)
159 011012757 ORON
160 011292768 OSHOGBO
161 011182771 OWO
162 011192787 OYO
163 011102793 OWERRI
164 011182807 OKA AKOKO
165 011182810 ORE
166 011282820 OKENE
167 011022831 ONITSHA (WILLIAM ST.)
168 011022844 OTUOCHA
169 011172859 OGBERE
170 011182865 ONDO
171 011152879 OTA
172 011052885 OTURKPO
173 011072894 OBUBRA
174 011212900 PORT HARCOURT STATION ROAD.
175 011212913 PORT HARCOURT (TOWN)
176 011212926 PORT HARCOURT (AIRPORT)
177 011212939 PORT HARCOURT (TRANS-AMA
178 011212942 PORT HARCOURT (DIOBU)
179 011212955 PORT HARCOURT (ORIJE)
180 011312978 POTISKUM
181 011222987 KAMBA
182 011022996 NKPOR
183 011153014 REGISTRAR’S DEPARTMENT
184 011163033 RIJAU
185 011193058 IBADAN OLUYOLE ESTATE
186 011183068 OKEMESI
187 011193074 OKO
188 011213080 ODI
189 011043098 SABONGIDA-ORA
190 011243102 SAPELE MAIN
191 011173117 SHAGAMU
192 011223122 SOKOTO (MAIN)
193 011113135 SAMARU
194 011243144 SAPELE BOYO ROAD
195 011153166 SURULERE SHOPPING CENT
196 011223177 SHINKAFI
197 011153182 SOMOLU
198 011033202 TORO
199 011033215 TAFAWA BALEWA
200 011223229 TAMBAWAL
201 011153234 TIN CAN ISLAND
202 011193249 SAKI BRANCH
203 011153250 TREASURY DEPARTMENT
204 011023267 AWKA
205 011103271 AMARAKU
206 011233280 AMAOKWE ITEM,
207 011153292 NIGER  HOUSE
208 011233303 UMUAHIA
209 011013316 UYO
210 011013329 UTU ETIM EKPO
211 011013332 UKAM
212 011103349 UMUOWA
213 011303356 MAYO NDAGA
214 011123361 KANO INT. AIRPORT
215 011023377 NIMO
216 011063388 UBA-KUMAGUM
217 011103394 URUALLA
218 011053402 VANDEIKYA
219 011103417 OWERRI DOUGLAS ROAD
220 011053428 NAKA
221 011153438 OKE ARIN BRANCH
222 011153441 ABIBU ADETORO STR. (BRANCH), V
223 011283450 OGUMA
224 011253464 OVOKO
225 011103475 OWERRI (BRANCH 2)
226 011093488 GULAK
227 011013497 ESSENE
228 011243500 WARRI
229 011243513 UGHELLI
230 011113520 KAFANCHAN
231 011043535 BENIN OREGBENI
232 011153548 NICHEMTEX INDUSTRIES (IKORODU)
233 011043551 AGBEDE BRANCH
234 011063560 NEW MAIDUGURI (M.MKT)
235 011273570 BIRNIN KEBBI
236 011263580 DUTSE
237 011173599 ARAROMI OBU
238 011093608 YOLA MAIN
239 011033613 YANA
240 011283625 LOKOJA
241 011303631 JALINGO
242 011093640 YOLA MARKET
243 011033655 AZARE
245 011273664 MUNGADI-MAIYAMA
246 011063670 KWAJAFA
247 011303686 BAMBUR
248 011033697 BURRA AGENCY
249 011113708 ZARIA
250 011303712 ZING
251 011123727 KANO (ZOO ROAD)
252 011093734 GARKIDA
253 011123743 KANO CLUB ROAD
254 011273758 ZURU
255 011023762 ABBA
256 011223779 SOKOTO (DANFODIO ROAD)
257 011183796 AKURE (MARKET)
258 011283803 AYANGBA
259 011283816 AJAOKUTA
260 011183822 ADO-EKITI
261 011293835 IJEBU-IJESHA
262 011253846 IKEM
263 011233853 ABA ARIARIA
264 011183864 IKERE EKITI
265 011283874 ISANLU-OYI
266 011203883 LAFIA
267 011293893 INISHA
268 011323908 ANKA
269 011183916 IFAKI-EKITI
270 011283926 ABEJUKOLO
271 011153933 AGBARA
272 011233947 AFIKPO
273 011243953 ASABA
274 011183961 IKOLE EKITI
275 011283971 ITOBE
276 011193980 AWE
277 011103996 AKATTA
278 011084002 ABUJA GARKI
279 011254010 NSUKKA
280 011234027 ABA ALAOJI
281 011154039 AKOWONJO
282 011044042 UGBOWO (BENIN)
283 011254052 EKWULOBIA
284 011084060 ABUJA MAIN
285 011214076 PORT HARCOURT (SHELL)
286 011154097 IKOTA
287 011214102 BONNY
288 011214115 YENEGOA
289 011154123 ADEOLA ODEKU
290 011154136 ALABA INT. MKT. OJO
291 011154152 DALEKO
292 011244169 WARRI SHELL
293 011084170 ABUJA AIRPORT
294 011044181 BENIN SILUKO ROAD BRANCH
295 011154204 ISOLO IND.ESTATE BR.
296 011254214 ABAKALIKI
297 011014221 EKET
298 011204235 SAMINAKA BRANCH
299 011194248 NEW GBAGI MKT.
300 011154274 TRADE FAIR
301 011194293 MOLETE BR.
302 011174310 MOSIMI
303 011194329 EDE
304 011244334 EKPAN
305 011214348 NEW PORTHARCOURT MAIN
306 011085069 ABUJA (JOS ROAD)
307 011245155 EFFURUN
308 011215088 BONNY ISLAND
309 011215130 PORT HARCOURT
310 011155119 IKOYI (KEFFI ROAD)
311 011155148 VICTORIA ISLAND
312 011155106 IKEJA (OBA AKRAN)
313 011125123 KANO (BOMPAI)
314 011215046 PORT HARCOURT
315 011025039 ONITSHA
316 011154958 OJODU/ISHERI

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Nigeria’s Central Bank To Launch Digital Currency On Oct 1

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The Central Bank of Nigeria (CBN) has said that it will launch its much-awaited digital currency on October 1, to mark Nigeria’s independent anniversary.

CBN Director of IT Department, Rakiya Mohammed, revealed this at a private webinar, explaining that the banking sector regulator had been conducting research towards the launch of digital currencies since 2017.

She added that the central bank may conduct a proof of concept before the end of the year. The move to adopt the digital currency was first mulled by the CBN Governor, Godwin Emefiele, during the Monetary Policy Committee (MPC) in May.

He had said a digital currency will soon become a reality in the country, adding that the central bank had already set up its committee which was working on the concept.

The CBN governor had further restated the determination of the apex bank to drive the e-Naira project during the recent 306th Banker’s Committee meeting, pointing out that the process was ongoing.

Mohammed was quoted by Nairametrics to have highlighted the benefits of the digital currency, saying it would enhance macroeconomic management, boost economic growth, facilitate cross-border trade, boost financial inclusion and monetary policy effectiveness.

Mohammed said the digital payment instrument would further improve payment efficiency, revenue tax collection, remittance improvement, and targeted social intervention.

She added that the innovation would also benefit the fintech ecosystem by enhancing operational efficiency, opportunities for fintech start-ups in building services and products as well as financial inclusion that will contribute to economic growth, and the creation of a new system complimenting the traditional payment system.

Mohammed had last month said the proposed digital would be launched before December. According to her, every Nigerian would have access to digital currency.

She had while briefing journalists at the end of a Bankers’ Committee meeting said: “Let me state categorically that cryptocurrency such as Bitcoin and the rest of them are not under the control of the central bank; they are purely private decisions that individuals make and are not part of this arrangement.

“We have spent over two years studying this concept of central bank’s digital currency and we have identified the risks. And it is one of the reasons why I said we are setting up a central governance structure that would involve all industry stakeholders to access all the risks as we continue on this journey.

“Very soon we would make an announcement on the date for the launch and by the end of the year, we should have the digital currency.”

According to her, about 80 percent of central banks across the world are presently exploring the possibility of issuing the central bank’s digital currency, saying that Nigeria cannot be left behind.

Mohammed had added: “You are aware that we have two forms of fiat money: The notes and the coins. So, the central bank’s digital currency is the third form of fiat money. So, this digital money is going to complement the cash and note that we have.

“The central bank digital currency will just be as good as you having cash in your pocket. So, if you are having the currency in your pocket, you are as good as having cash on your phone.

“Now, why did we need to go into this? There are different cases that the central bank is looking at.

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Finance

UK Financial Reporting Council Sanctions KPMG On Quality Of Banking Audits

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KPMG

The United Kingdom Financial Reporting Council (FRC) has sanctioned one of the biggest audit firms, KPMG LLP over the quality of its banking audits which U.K.’s industry regulator said it was “unacceptable” that for the third year running the accounting firm’s work wasn’t up to scratch.

The FRC in its annual report released on Friday examined the U.K.’s seven biggest auditing firms, which include Ernst & Young and Deloitte, said almost 30 percent of all bookkeeping was below par in the year to the end of March.

“Overall Inspection results at KPMG did not improve and it is unacceptable that, for the third year running, the FRC found improvements were required to KPMG’s audits of banks and similar entities.

“Given the systemic importance of banks to the UK economy, the FRC will be closely monitoring KPMG’s actions to ensure findings are addressed in a timely manner.

“KPMG has agreed on additional improvement activities to be delivered this year over and above its existing audit quality improvement plan,

“In response to our findings this year, the firm’s senior leadership has committed to making further changes necessary to improve audit quality in time for 2021 year-end audits.

“We will monitor these closely to assess on a timely basis the extent to which they address our findings,” the report released on Friday stated.

The FRC said that “We will also continue to focus our inspections on KPMG banking audits.”

The regulator said central to achieving consistent audit quality is a healthy culture within the audit practice that encourages challenge and professional skepticism, as it set out in its letter to Heads of Audit
in December 2020.

“We have a major project underway to examine audit culture, including an international conference held in June this year on the subject.

“Operational separation of audit practices from the rest of the firm should help the largest firms to focus on developing an appropriate audit culture,” the FRC stated.

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Banking Sector

GCR Affirms Coronation Merchant Bank Limited’s National Scale Long and Short-term Issuer Ratings of A-(NG)/A2(NG); Outlook Stable

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coronation merchant app

GCR Ratings (“GCR”) has affirmed Coronation Merchant Bank Limited’s national scale long-term and short-term ratings of A-(NG) and A2(NG) respectively, with a Stable Outlook.

Rated Entity Rating class Rating scale Rating Outlook
Coronation Merchant Bank Limited Long Term issuer National A-(NG) Stable
Short Term issuer National A2(NG)

Rating rationale

The ratings of Coronation Merchant Bank Limited (“Coronation MB” or “the bank”) reflect its adequate funding and liquidity position, and sound asset quality metrics, as evidenced by the nil non-performing loans (“NPL”) since inception to date. However, these strengths are partly offset by the bank’s modest competitive position, significant loan book concentration and heavy reliance on wholesale funding from financial institutions.

Coronation MB is a strong player within the Nigerian merchant banking subsector based on its product/service delivery, loan portfolio and deposit mobilisation capacity relative to peers. Leveraging its long track record (having previously operated as a discount house for over two decades) and partnerships, the bank ensures consistent enhancement of its operational scale, particularly within the trade finance space. Reflective of its relatively small customer base and the trends across the merchant banking subsector, elevated concentration risk is perceived, with the twenty largest obligors and depositors constituting 85.0% and 75.4% of gross loans and customer deposits respectively at FY20. Also, the bank evidenced moderate market share within the Nigerian banking industry in terms of total assets, customer deposits, and loan portfolio, which are estimated at 0.8%, 0.7% and 0.7% respectively at FY20. Management & Governance is a neutral ratings factor.

Capitalisation is assessed at an intermediate level. The GCR computed capital ratio registered at 17.6% at FY20 (FY19: 19.8%) and expected to moderate to 16%-17% range over the next 12-18 month in view of the outpacing growth in risk weighted assets vis-à-vis internal capital generation. Earnings quality is considered ratings negative, reflected by revenue stability risk characterised by high source concentration and a material exposure to market sensitive income, which constituted a sizeable 42.5% of total operating revenue in FY20 (FY19: 41.3%).

Risk position is sound and a key ratings strength, underpinned by the bank’s nil NPL since inception to date and moderate credit losses of 0.2% at FY20, which broadly compared favourably with the industry average of about 3%. Initial assessments of the potential impact of the COVID-19 pandemic indicated that the bank will not be immune to the sector-wide challenges, which include asset quality concerns and slower loan repayments. However, this impact has thus far remained minimal, with the bank making no recourse to regulatory forbearance during the period. That said, we expect NPL and credit losses to remain at similar strong range over the rating horizon on the back of sustenance of stringent underwriting criteria and the macroeconomic environment recoveries. Conversely, the loan book is considered highly concentrated, with the top twenty obligors accounting for 85% of the loan book at FY20. While this is a rating constraining factor and typical of merchant banks in Nigeria, management expects this concentration to moderate somewhat over the short to medium term on account of the recent sectoral coverage expansion. GCR is also cognisant of the bank’s significant exposures to market risk considering the substantial market sensitive income realised in FY20.

Coronation MB’s funding base is considered adequate, predominantly bolstered by the debut N25bn subordinated unsecured bonds issued during 2020, as well as its improved deposit mobilisation capacity. As a result, the GCR long term funding ratio and stable funding ratio was robust at 80.8% and 73.1% respectively at FY20. While cognisance is taken of the sizeable (41.3%) growth in customer deposits in FY20, concentration risk is evident, with the top twenty depositors accounting for 75.4% of the deposit book, the bulk of which were from financial institutions. Positively, liquidity position is solid, with the GCR liquid asset covering wholesale funding and customer deposits by 3.9x and 53.1% respectively at FY20.

Outlook statement

The stable outlook reflects GCR’s expectation that Coronation MB’s asset quality metrics would remain sound despite the strains in the operating environment, albeit with the loan portfolio concentration by obligor remaining high. GCR calculated capital ratio is anticipated to moderate to 16-17% range over the next 12-18 month given our expectation that the outpacing growth in risk weighted assets vis-à-vis internal capital generation will continue to weigh down capitalisation metrics. However, GCR will positively consider a material improvement in core earnings over the rating horizon. While we anticipate liquidity to remain sound, diversification of the deposit book with a better mix of non-financial institution clients would be positively considered.

Rating triggers

The ratings could be upgraded if Coronation MB materially improves its core earnings and achieves a core capital ratio above 20% on a sustainable basis, while also maintaining sound asset quality metrics. In addition, GCR would positively consider a well-diversified loan portfolio and funding base. Conversely, a downward rating movement could be triggered by a material deterioration in GCR computed capital ratio to below 15% range, asset quality pressures and increase reliance on wholesale funding from financial institutions.

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