Following the Pension Reform Act 2004, First Bank of Nigeria Plc, the oldest Nigerian bank with the largest branch network of 372 branches (only bank with over 307 locations on-line real-time), and posting the highest profit in the sector floated a Pension Fund Custodian (PFC) known as First Pension Custodian Limited (FPCNL).
The company was granted “Approval in Principle” on August 2005 by the National Pension Commission (PENCOM) and was incorporated on August 16, 2005. FPCNL has an authorized and fully paid up capital of N2 billion. It is fully owned by First Bank of Nigeria Plc with asset base of N377.5 billion as at March 31, 2005.