- First Abu Dhabi Bank disclosed plans to open a representative office in Lagos as part of its sub-Saharan Africa expansion
- The bank said Nigeria was chosen for its strong growth prospects, strategic location, and Lagos’ status as a regional financial hub
- FAB highlighted opportunities in energy and infrastructure, citing its involvement in financing the Lagos–Calabar Coastal Highway project
First Abu Dhabi Bank (FAB) has announced plans to open a representative office in Lagos, Nigeria, marking a significant step in its expansion strategy across sub-Saharan Africa.
The disclosure was made on Monday by the Group Head of Wholesale Banking at First Abu Dhabi Bank, Martin Tricaud, during the inaugural Investopia Africa event held in Lagos. The event brought together key public and private sector stakeholders to discuss investment opportunities across the continent.
Speaking during a panel session that featured Lagos State Governor Babajide Sanwo-Olu and the Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, Tricaud said the decision to establish a presence in Nigeria followed extensive strategic reflection by the bank.
“We have a presence in 21 countries today, and very soon it will be 22, with a presence in Nigeria,” he said. “This is the outcome of a long reflection and study. We were absolutely convinced that we needed a presence in sub-Saharan Africa.”
Tricaud noted that while FAB already operates in Egypt and Libya, there was a noticeable gap in its geographical footprint south of the Sahara. He described Africa as the future of the global economy, citing the continent’s strong GDP growth rate of between six and eight per cent annually, as well as its rapidly expanding population.
“Africa is a continent of opportunity,” he said. “With a population of about 1.4 billion today, expected to rise to nearly two billion in the coming decades, the potential is undeniable. After reviewing several options, we concluded that Nigeria, and Lagos in particular, offers the best opportunity to establish our first footprint in sub-Saharan Africa.”
According to Tricaud, the representative office is expected to open “very soon”, possibly within the month or shortly thereafter. He added that the Lagos office would not only focus on Nigeria but would also serve as a regional hub covering the wider West African market, acknowledging Lagos’ role as a leading financial centre in the region.
The move comes amid growing investment ties between Nigeria and the United Arab Emirates. The PUNCH reports that First Abu Dhabi Bank recently partnered with Afreximbank to provide $1.126 billion in financing for Phase One, Section Two of the Lagos–Calabar Coastal Highway project.
Tricaud said the bank’s initial interest in Nigeria was driven by opportunities in the energy sector, where the UAE has strong expertise in both conventional and renewable energy. However, he noted that the bank quickly identified broader opportunities, particularly in infrastructure development.
He praised the Lagos–Calabar Coastal Highway project, saying FAB was delighted to work closely with Nigeria’s Ministry of Finance, HITECH Construction, and the Chagoury Group on the financing arrangement. Having visited the project site, Tricaud said he was impressed by the pace of construction and its potential impact on the local economy.
He added that the bank works collaboratively with other international partners to mobilise capital through distribution and syndication, including partnerships with the Islamic Development Bank. According to him, these efforts demonstrate Nigeria’s growing ability to attract international capital into large-scale infrastructure projects.
“This is just the beginning,” Tricaud said. “There will be much more to come in the near future, particularly in infrastructure such as roads, highways, and related projects.”
The planned opening of FAB’s Lagos office is expected to further strengthen Nigeria’s position as a key investment destination and reinforce Lagos’ status as a financial gateway to West Africa.