First Bank of Nigeria Plc is the first and oldest bank in Nigeria and West African sub-region, established in 1894. It is a giant and leading financial institution that renders global banking services in Nigeria.
Briefly speaking, the bank was founded by a shipping magnate from Liverpool England, by name Sir Alfred Jones. The bank had its original headquarters in Liverpool and commenced its banking business in Lagos Nigeria, with it original name, Bank of British West Africa.
Over the years, the bank has evolved from Bank of British West Africa (BBWA) to Bank of West Africa (BWA), Standard Bank of West Africa (SBWA) in 1969 and incorporated as Standard Bank of Nigeria Limited in line with the Companies Decree of 1968.
It eventually emerged the name First Bank of Nigeria in 1991.
In this article, we shall bring out First Bank Plc salary structures for its staff in Nigeria 2022 in different categories, the employment opportunities and of course, factors that determine the Bank Salary Structures for their over a thousand payrolls in Nigeria.
By definition, a banker is simply a person who provides financial banking services in a bank.
Basically, there are two types of bank staff namely – a Contract Staff banker and Core Staff banker who is permanent or a regular banker.
- Contract staff:These are staff who are not permanent with the bank. They can only be permanent or absorbed fully into a particular bank after they have fulfilled certain terms of Contract.
- Core staff:On the other hand, core staff are those that are employed by the bank. They are permanent and earn even higher than the contract staff. Their contract with the bank can only be cut short where cases of fraud or financial mismanagement have been discovered.
First Bank Salary Structures 2023:
Here are authentic information about the salaries First Bank pays to its staff including Contract Staff, Entry Level Workers, Banking Assistants, Assistant Banking Officers, Banking Officers, Senior Banking Officers (SBO) Assistant Managers, Managers and others.
Contract Staff: The bank pays its contract staff a monthly salary of between N82,000 to N120,000 in the current year, amounting to a yearly take home of about N984,000 to N1.4 million.
Entry Level Staff: are for fresh graduates from various Nigerian Universities and Polytechnics recruited into the banking services. They earn about N176,000 which amount to about N2.1 million, excluding other benefits that will improve their salary significantly.
Banking Assistants: These categories of staff in First Bank earn higher. They are considered more experienced and earn about N203,000 which is about N2.4 million yearly, excluding other benefits.
Assistant Banking Officers: receive about N300,000 monthly amounting to about N3.6million yearly.
Banking Officers: fall under high level salary scale with a monthly take home of about N400,000 and a yearly sum of N4.8 million.
Senior Banking Officer: Is one who must be mentally and physically fit for the job with high level of intelligence. First Bank pays about N500,000 or more depending on their job description and responsibilities. This amount to about N6 million yearly with other watering benefits attached.
Assistant Managers: are saddled with lots of responsibilities. They earn about N700,000 or more depending on their responsibilities. This amounts to a yearly sum of about N8.4 to N9.6 million.
Managers: Full managers of First Bank earn fabulous salaries. Deputy managers, Senior managers and principal managers earn very high salary of over a Million monthly with other attractive benefits attached.
In summary, First Bank Plc has over the years maintained a pace and responding to the dynamic needs of its customers, investors, employees, host communities and other stakeholders in line with the contemporary global financial services.
The above information provided here regarding the bank’s salary structures in 2023 remains valid and job seekers in the categories of graduate trainees and those who want to move from other banks to First Bank Plc, which is truly the first, should see the information provided very useful and educative.