Recruitment

Salary structure of First Bank of Nigeria Limited

First Bank of Nigeria Limited is one of the leading financial institutions in Nigeria, established in 1894, with a legacy spanning over 125 years.

The bank has always operated with the focus of providing top notch financial services to its customers and contributing to the economic development of Nigeria.

One aspect that interests most people interested in working for First Bank of Nigeria Limited is the salary structure according to ranks.

The bank has a well structured salary system that varies based on the job rank and level of expertise.

The salary system of the bank places a considerable emphasis on fair compensation, and the bank is known to pay its employees well in line with the industry standard.

First Bank of Nigeria Limited usually categorizes its employees based on their ranks, and these include:

• Entry Level Staff: This category consists of fresh graduates and individuals with little work experience. Entry-level staff usually earns between NGN 1,200,000 to NGN 1,500,000 per annum.

• Senior Banking Officer: This category consists of employees with a few years of experience under their belt. Senior Banking Officer earns between NGN 2,000,000 to NGN 2,500,000 per annum.

• Assistant Manager: The Assistant Manager category includes individuals with a minimum of five years of banking experience. The Assistant Manager earns between NGN 3,500,000 to NGN 4,000,000 per annum.

• Deputy Managers: Employees in this category are responsible for leading a team of Assistant Managers and report to the Branch Manager. Deputy Managers earns between NGN4,700,000 to NGN 5,300,000 per annum.

• Managers: This category consists of individuals responsible for managing entire departments. Managers earn between NGN 6,000,000 to NGN 8,000,000 per annum.

• General Managers: This category includes top-level executives that manage the bank’s operations and report directly to the Board of Directors. General Managers earn upward of NGN 15,000,000 per annum.

It is essential to mention that these estimates are not static, and salaries may vary based on various factors like performance, promotions, and bonuses.

How the Bank operates

The bank operates using a variety of financial products and services, catering to its customers’ unique needs.
These products and services can be broadly categorized into:

• Personal Banking: This service caters to individuals’ needs, ranging from savings accounts to loan facilities and mortgages.

• Business Banking: This product caters to the unique requirements of small and medium-sized enterprises, offering products like business accounts, trade finance and working capital, among others.

• Corporate Banking: This service offers comprehensive financial solutions to large organizations and corporate entities, such as treasury and cash management services, loans and overdrafts, among others.

• International Banking: This service caters to individuals and businesses with international money transfer and foreign exchange needs.

• Investment Banking: This category provides investment banking solutions, including mergers, acquisitions, and capital raising services, among others.

FAQs

What is the business focus of First Bank of Nigeria Limited?

First Bank of Nigeria Limited has a business focus on providing top-notch financial services that cater to the unique needs and requirements of individuals and businesses in Nigeria.

What are some of the bank’s products and services?

First Bank of Nigeria Limited offers a range of financial products and services such as personal banking, business banking, and corporate banking, among others.