FirstBank, West Africa’s premier financial inclusion service provider, has embarked on an ambitious project to construct Nigeria’s tallest building—a 40-story, green-certified Iconic Head Office Building—in Eko Atlantic City, Lagos.
The groundbreaking ceremony, held on Wednesday, marked a significant step in the bank’s journey towards setting new standards for excellence, sustainability, and innovation in the African financial services sector.
The new headquarters will not only redefine the Lagos skyline but also reinforce FirstBank’s commitment to sustainable banking practices. The eco-friendly structure is designed with advanced technologies to reduce operational costs and minimize environmental impact, solidifying the bank’s position as a leader in sustainable business practices.
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The Rise of Eko Atlantic City
Eko Atlantic City, an ambitious real estate project built on reclaimed land along Lagos’ Atlantic coast, is fast becoming the preferred destination for business leaders and multinational corporations. The city is designed to be a financial and commercial hub that addresses Lagos’ chronic congestion and infrastructure challenges.
The project was initiated in response to severe coastal erosion that threatened Victoria Island and Lagos’ financial district. Over 10 million square meters of land were reclaimed from the Atlantic Ocean, safeguarded by an eight-kilometer-long sea wall known as the Great Wall of Lagos. The city’s infrastructure boasts advanced drainage systems, an independent power grid, and world-class road networks, making it an attractive proposition for both investors and residents.
Business leaders have expressed enthusiasm for Eko Atlantic City’s potential. Aliko Dangote, Chairman of the Dangote Group, shared his vision for the city during a chat with ChannelsTV.
“Many people will come to the new city of Lagos, Eko Atlantic, to open their head offices. Femi [Otedola] has challenged me to join. I will join soon, not now. I’m resting right now. Having delivered the refinery, I need some rest, but I will be here soon.”
Dangote’s comments highlight the growing trend among top-tier businesses and industry leaders who see Eko Atlantic City as a strategic base for their operations. The city is already home to several multinational corporations, luxury residences, and commercial spaces, establishing itself as a symbol of Lagos’ aspiration to become a global financial and economic powerhouse.
The construction of FirstBank’s new headquarters is not only a milestone in architectural and engineering innovation but also presents significant financial and strategic advantages. Analysts note that the building could be classified as Property, Plant, and Equipment (PPE) in financial statements since it will be used for core business activities. This classification allows for annual depreciation, offering potential tax advantages.
Depreciation reduces taxable income by allowing the bank to allocate the cost of the building over its useful life. This could translate into substantial tax savings for FirstBank, improving its financial efficiency. The building’s eco-friendly design could also qualify the bank for green certifications and possible government incentives, further enhancing its financial and operational benefits.
“We are proud to mark this significant milestone in our journey towards excellence. Our new Head Office is envisioned as a world-class structure that represents our dedication to innovation, customer satisfaction, and sustainability. We believe that this development will play a crucial role in fostering economic growth and development across Africa, creating long-term value for all our stakeholders,” Olusegun Alebiosu, CEO of FirstBank Group, said.
FirstBank’s legacy of over 130 years is marked by its consistent commitment to innovation, customer service, and sustainable practices. The bank’s international presence, with subsidiaries in nine countries across three continents, positions it as a significant player not just in Nigeria but on the global financial stage.
Femi Otedola, Chairman of FirstHoldCo, highlighted the importance of collaboration in bringing the headquarters project to fruition.
“Today’s gathering highlights the importance of collaboration and support from various sectors in bringing our ambitious plans for the new headquarters to life. We appreciate the unrelenting support from our customers and stakeholders as we work together to turn this vision into reality,” he said.
It Came With High-Profile Support
The groundbreaking ceremony attracted prominent figures, including President Bola Ahmed Tinubu, state governors, federal ministers, lawmakers, and industry leaders. Their presence underscored the project’s national significance and the government’s support for investments that drive economic growth and urban development.
Tinubu’s administration has emphasized economic revitalization and infrastructural development as key pillars of his governance. Projects like FirstBank’s new headquarters align well with these priorities, offering potential boosts to job creation, investor confidence, and the overall economic landscape.
The decision by FirstBank and other potential investors to establish their headquarters in Eko Atlantic City is a testament to the city’s promise as a business hub. The city’s infrastructure, including its independent utilities and modern road networks, provides a conducive environment for businesses to thrive.
With its blend of luxury, functionality, and sustainability, Eko Atlantic City is poised to become a magnet for international investors, reinforcing Lagos’ status as Africa’s business capital.