First Bank, the oldest bank in Nigeria, will be expanding to at least four African countries as part of its growth strategies.

These countries include Ethiopia, Angola, Cameroon, and Cote d’Ivoire.

The bank’s Deputy Managing Director, Ini Ebong, stated that there are many big economies with large bank pools that are of interest to the bank because of the financial markets that are opening up.

According to Ebong, some of these countries are Ethiopia, Angola, and others in Anglophone West Africa, including Cote d’Ivoire and Cameroon.

He said that these markets present expansion opportunities.

Recall that in December 2024, the Ethiopian parliament passed a law allowing foreign banks to open subsidiaries, saying that foreign companies can only own a 49% stake in the firms.

Ethiopia passed a law that allowed foreign banks to operate.

During a panel discussion, the Ethiopian central bank governor, Mamo Mihretu, stated that Ethiopia had been working on laws to open the banking industries to foreign competition.

After ratifying the legislation by the Parliament, Ethiopia said it is open for business for any bank looking to operate in the country.

First Bank started establishing subsidiaries in other African countries in 2011 after acquiring Banque International de Credit, a leading bank in DRC.

Reports indicate that in November 2013, First Bank acquired International Commercial Bank Financial Group Holdings AG in the Gambia, Sierra Leone, Ghana and Guinea.

The Nigerian tier-1 bank acquired ICB Senegal in 2014, completing its acquisition of West African assets and the operations of ICBFGH.

The bank also operates in London, Paris, France, and has a representative office in Beijing, China.

The bank has recently faced challenges in Nigeria, with some key shareholders asking for an Extra-Ordinary General Meeting.

They also opposed the bank’s proposed $350 billion private equity placement and called for Otedola’s resignation as Chairman.

The bank has since reassured its customers of continued smooth operations in Nigeria.