Nigeria's First Bank is considering a secondary listing of its shares on either the Johannesburg or London Stock Exchange to improve its access to long-term capital, its chairman was quoted as saying on Monday.

First Bank Chairman Oba Otudeko was quoted in the Punch newspaper as saying a secondary listing was on the table but declined to give a timeframe. A source at the bank, who asked not to be named, confirmed the option was being considered.

'We would be looking to do a secondary listing to improve access to our pool of capital and valuations. We are thinking about it, though it's still in the early stages and we are gathering information about it,' the source said.