Following the Pension Reform Act 2004, First Bank of Nigeria Ltd, the oldest Nigerian bank with the largest branch network and posting the highest profit in the sector floated a Pension Fund Custodian (PFC) known as First Pension Custodian Nigeria Ltd.
First Pension Custodian Nigerian Ltd is one of the foremost pension custodians in the Nigerian pension industry and we are currently located at No. 124 Awolowo Road, Ikoyi, Lagos. A wholly owned subsidiary of FBN Ltd, the principal bank subsidiary of FBN Holdings Plc.
First Bank of Nigeria Ltd is the lead entity of the Commercial Banking business group which includes FBN Bank UK Limited, Banque Internationale de credit (BIC), First Pension Custodian Nigeria Ltd and FBN Mortgages Ltd.
The Groups brand essence of being “Dependably Dynamic” stands firmly on the four pillars of Success, Leadership, Safety, and Security, Enterprise and Service Excellence. The recent brand refresh initiative of the FBN Group seeks to continue to set the gold standard of value and excellence for the bank and its subsidiaries across Sub-Saharan Africa.
The elements of the brand are reflected in our Vision and Mission statements. To drive these, we are positioned through our existing business structure to take full advantage of opportunities in the ever-changing operating environment. We are currently blessed with a number of Custodial relationships, a reflection of a reasonable share of the pension market.
DiamondPFC is one of the Five Pension Fund Custodians licensed by the National Pension Commission (PenCom). It was incorporated on September 13, 2005 to provide custodial services in accordance with the Pension Reform Act 2004. DiamondPFC commenced custodial operations in March 2006. Diamond PFC also set to provide pension custodial services of international standard through well motivated and trained personnel thereby ensuring good returns for all our stakeholders.
- Promote culture of integrity and professionalism
- Provide clear understanding of service requirements of our clients
- Invest in providing excellent working environment for our people
- Provide technology-driven approach to customer services
- Ensure commitment to global best practices
We have a workforce that is highly experienced and skilled in Custody and Financial services and operations. We have skills and experience to achieve our mission which means world-class and custom tailored custodian services that bring distinctive value to its clients.
We have executed a Technical Assistance agreement with a leading organization in Custody business in Europe to provide capacity building among our team members thereby ensuring global best practices in custody services and operations.
Our Information and Communication Technology facilities, structured with redundancy to ensure continuous (24 hours, 7 days) availability to our clients, are fully installed and tested.
We have executed a Software License Agreement with a leading United Kingdom company in IT Custody Solutions. The software, Custody 2000, is fully installed in our systems.
Custody 2000 is an integrated client/server application which covers all aspects of local custody business.
UBA has more than 65 years of providing uninterrupted banking operations dating back to 1948 when the British and French Bank Limited (“BFB”) commenced business in Nigeria. BFB was a subsidiary of Banque Nationale de Crédit (BNCI), Paris, which transformed its London branch into a separate subsidiary called the British and French Bank, with shares held by Banque Nationale de Crédit and two British investment firms, S.G. Warburg and Company and Robert Benson and Company. A year later, BFB opened its offices in Nigeria to break the monopoly of the two existing British owned banks in Nigeria then.
Following Nigeria’s independence from Britain, UBA was incorporated on 23, February 1961 to take over the business of BFB. UBA eventually listed its shares on the Nigerian Stock Exchange (NSE), in 1970 and became the first Nigerian bank to subsequently undertake an Initial Public Offering (IPO). UBA became the first sub-Saharan bank to take its banking business to North America when it opened its New York Office (USA) in 1984 to offer banking services to Africans in Diaspora.
Today’s UBA emerged from the merger of then dynamic and fast growing Standard Trust Bank, incorporated in 1990 and UBA, one of the biggest and oldest banks in Nigeria. The merger was consummated on August 1, 2005, one of the biggest mergers done on the Nigerian Stock Exchange (NSE). Following the merger, UBA subsequently went ahead to acquire Continental Trust Bank in the same year, further expanding the UBA brand. UBA subsequently acquired Trade Bank in 2006 which was under liquidation by the Central Bank of Nigeria (CBN).
UBA had another successful combined public offering and rights issue in 2007 and made further banking acquisitions of three liquidated banks namely: City Express Bank, Metropolitan bank, and African Express Bank. The bank also acquired Afrinvest UK, rebranding it UBA Capital, UK.
The quest to build a strong domestic and African brand intensified in 2008 when UBA made further acquisitions of two liquidated banks, Gulf Bank and Liberty Bank while at the same time intensifying its African footprint with the establishment of UBA Cameroon, UBA Cote d Ivoire, UBA Uganda, UBA Sierra Leone, and UBA Liberia as well as the acquisition of a 51% interest in Banque Internationale du Burkina Faso, which was the largest bank in the country with 40% market share. Currently, UBA has 18 African subsidiaries contributing about 20% of the Group’s balance sheet with a target of contributing 50%.
On 13 December 2012, the shareholders of UBA Plc unanimously voted for the bank to restructure into a Monoline Commercial Banking Model in order for it to fully comply with the new CBN guidelines for commercial banks in Nigeria, which repealed the erstwhile universal banking regime.
With the restructuring, the Group’s non-commercial banking subsidiaries with the exception of Africa Prudential Registrars Plc and Afriland Properties Plc were consolidated under UBA Capital Plc and spun-off to shareholders of the Bank. The Bank’s excess real estate assets were used to capitalise Afriland Properties Plc, which was then spun-off, along with Africa Prudential Registrars Plc, to be held directly by the Bank’s shareholders.
Along with UBA Plc, the result of the restructuring is three stand-alone entities held directly by the Bank’s shareholders – UBA Capital Plc and Africa Prudential Registrars Plc, which are already listed on the Nigerian Stock Exchange, as well as Afriland Properties Plc, now controlled by independent shareholders.
Under the Monoline business structure, UBA Plc remains the parent company for all of the Group’s commercial banking activities in Nigeria, Africa and the rest of the world. UBA Plc is also the parent company for UBA Pension Custodian Limited, UBA Capital (UK) and UBA FX Mart Limited.
Now fully positioned as a pan-African bank, the UBA Group is firmly in the forefront of driving the renaissance of the African economy and is well positioned as a one-stop financial services institution, with growing reputation as the face of banking on the continent.