May 26, 2015
FirstBank Boosts Real Estate Finance with the Commissioning of Rainbow Estate
The President-Elect, Gen. Muhammadu Buhari will tomorrow commission the first phase of the Rainbow Town upscale mixed use estate in Port Harcourt, Rivers State. The very ambitious project, valued at N82b was financed by Nigeria’s Most Valuable Bank Brand, First Bank of Nigeria Limited. FirstBank’s support for the project is in sync with the Bank’s quest to bridge the gap in the nation’s housing deficit.
Executed as a Public Private Partnership (PPP) project by the Rivers State Government and FirstBank, the project is an exciting example of how the PPP model has been deployed to provide much needed infrastructure whilst promoting rapid economic growth and public empowerment. This partnership led to the incorporation of a Special Purpose Vehicle (SPV) – Rainbow Town Development Company Limited (RTDL) on February 1, 2008 as a Public Private Partnership initiative between Rivers State Government and First Bank of Nigeria Limited to drive, manage and deliver the New Rainbow Township.
According to the Group Managing Director/CEO of FirstBank, Bisi Onasanya, the Bank’s involvement in the project resonates with its desire to boost economic development as well as making housing conducive and affordable for Nigerians. “FirstBank will continue to support initiatives aimed at enhancing the quality of life for the populace, establishing income streams for thousands of people, create job opportunities and reinvigorate economic activities”, he said.
Located in the Trans-Amadi business/industrial corridor of the Rivers State capital city, Rainbow Township occupies 23.24 hectares of land and at completion delivers 1,181 upscale residential housing choices distributed into terrace, detached and high-rise condos. The complimentary facilities provided in the estate include a medical clinic, school, shopping arcade, clubhouse and outdoor recreational facilities.
Other support facilities are police post, perimeter fencing, security posts, fire station; eco-centre that will serve as the nerve centre for power, water and sewer plants; broadband wireless Internet connectivity, telephone and data outlets, and security surveillance.
First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, is Nigeria’s leading financial services institution by total assets and gross earnings and one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa). Since its establishment in 1894, the Bank has consistently built relationships with customers focusing on fundamentals of good corporate governance, strong liquidity, risk management and strong capitalization.
FirstBank operates an extensive distribution network with over 750 business locations (623 branches, 61 quick service points and 69 cash centers/agencies), over 2,500 ATM’s and over 9 million customer accounts. The Bank provides a comprehensive range of financial services and has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank DR Congo, FBNBank Ghana, International Commercial Bank (ICB) The Gambia, Guinea, Sierra-Leone and Senegal as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi.
FirstBank is the recipient of many awards. The Bank has been named “The Best Bank Brand in Nigeria” four times in a row – 2011, 2012, 2013, and 2014 – by the globally renowned “The Banker Magazine” of the Financial Times Group. FirstBank’s brand purpose is to always put its stakeholders, customers and partners at the heart of its business, even as it is poised to standardize customer experience and excellence in financial solutions across Sub Saharan Africa, in consonance with its brand vision “To be the partner of first choice in building your future”. The brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on the FirstBank’s inherent values of passion, partnership and people, to position its customers first in every respect.
For four consecutive years, 2012, 2013, 2014, and 2015 FirstBank was named the “Best Retail Bank in Nigeria” by the Asian Banker International Excellence in Retail Financial Services Awards. Other recent awards include the “Best Bank in Nigeria” in the Euromoney Awards for Excellence, “Best Bank in West Africa” and “Most Innovative Bank in Africa” in the African Banker Awards, “Best Bank in Nigeria” in the EMEA Finance African Banking Awards for the fourth time, “Best Foreign Exchange Services in Africa” in the EMEA Finance Treasury Services Awards, “Best Banking Group in Nigeria” by World Finance Banking Awards, and “Best Financial Reporting Company” by Africa Investor.
Group Head, Marketing & Corporate Communications