- 1 FIRST BANK SALARY SCALE
- 2 CONCLUSION
Nigeria Banking sector just like the oil and gas industry is one of the highest paying sectors in terms of salary. Although there are some differences in how much banks in Nigeria pay their workers as no specific law compels them to have a fixed amount for their staff. Check out the salary structure of First Bank of Nigeria for 2021, with a view to know how much their staff take home at the end of every 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, 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 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 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. 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 as all the African subsidiaries now bear the FBN Bank brand.
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 SALARY SCALE
1. GRADUATE TRAINEES
When a newbie is employed into FirstBank, he or she is expected to undergo training that will get him or her acquainted with the norms of the bank. This training is compulsory regardless of whether the person has been a banker elsewhere or not.
During this period when the person is still undergoing the training, the person still gets paid a sum of 58,000 Naira for a start as long as the training lasts.
2. CONTRACT STAFF
Contract staff at First Bank of Nigeria Limited are paid monthly basic salaries in the range between ₦82,000 – ₦120,000 this 2021, 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
3. ENTRY LEVEL STAFF
Entry level staff members at First Bank of Nigeria Limited are fresh graduates recently recruited into the company. The starting salary for entry level workers at First Bank per month this 2021 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.
4. BANKING ASSISTANTS
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.
5. ASSISTANT BANKING OFFICERS
Assistant banking officers at First Bank of Nigeria Limited are paid ₦300,000 or more per month. Their annual salary amounts to ₦3.6 million
6. BANKING OFFICERS SALARY
Banking officers at First Bank are paid monthly salaries of about ₦400,000 or more, and this totals about ₦4.8 million yearly, excluding allowances and bonuses. This position comes with a lot of responsibilities
7. LOAN OFFICERS
They are middle managers in charge of loan disbursement and retrieving. It only takes a person who has worked with the bank for quite a number of years to occupy that position and when they get there, they are paid up to 420,000 Naira monthly and more than 5 million yearly with some other mild allowances to suit your position.
8. SENIOR BANKING OFFICERS
The monthly salary that senior banking officers receives at First Bank of Nigeria Limited is about ₦500,000 monthly 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 intelligent because the position is really very competitive, one must endeavour to work really smart at all times.
9. CREDIT ANALYST
Credit analysts earn a big sum of money which sometimes equates to the manager’s sum. In FirstBank, you’ll find a credit analyst earn up to N600, 00–N720,000 naira worth of money.
10. ASSISTANT MANAGERS
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 responsibilities.
11. BANK MANAGERS
Just as big as the responsibilities may be, there is a lot of benefits of being a branch manager in First bank because a branch manager gets allowances such as an official car and house, travel allowances, and another petty bite into the company’s profit at the end of the year especially if his branch made the greatest turnover. They earn in salary up to 920,000 Naira monthly and more than 11 million yearly.
FirstBank amongst other banks in Nigeria has a vision of being the clear leader and the first choice when it comes to banking. They are determined to provide the best financial services ever in history. This vision has paved the way for them to be nominated severally for lots of awards which includes but are not limited to ‘Nigeria’s best bank’ an award they collected five consecutive times amongst others.
Despite the achievement of any enterprise seen by the general public, if you want to know whether the company is doing well, ask her employees. FirstBank is a worker-friendly bank as the remuneration of the staff duly reflects this statement.