Table of Contents
Key Points
- FBN Holdings Plc rebrands to First HoldCo Plc, unifying subsidiaries and reinforcing leadership in Africa’s financial services industry.
- Under Femi Otedola’s influence, First HoldCo’s gross earnings surpassed $2 billion, with total assets rising to $17.46 billion in 2024.
- First HoldCo aims to streamline operations, enhance service delivery, and strengthen its position in international markets with a unified brand structure.
Nigerian billionaire Femi Otedola’s leadership has once again made its mark, this time on FBN Holdings Plc. The financial giant, one of Africa’s leading institutions, has announced a rebranding to First HoldCo Plc (FirstHoldCo) as it continues to expand. The parent company of Nigeria’s oldest bank, First Bank of Nigeria Limited, reported strong financial results, with gross earnings surpassing $2 billion and total assets climbing to $17.46 billion at the end of its 2024 fiscal year.
In a recent statement, the bank described the rebranding as a major step toward unifying its subsidiaries, reinforcing its heritage, and strengthening its leadership in the financial services industry. The new name reflects a future-focused vision built on a legacy of trust, resilience, innovation, and exceptional service. More than just a name change, the transformation highlights First HoldCo’s commitment to innovation, customer-focused solutions, and operational excellence in an evolving market.
First HoldCo unifies brand, expands reach
Wale Oyedeji, Group Managing Director of First HoldCo Plc, emphasized the significance of this milestone development: “This transition to First Holdco Plc is a defining moment in our history as we chart a bold course for the future. The rebranding represents more than a name change; it is a renewal of our purpose, vision, and commitment to delivering world-class financial solutions to our stakeholders. It allows us to unify our identity across subsidiaries and geographies, creating a strong, cohesive brand that reflects our leadership position in Africa and sustains our global presence.”
Oyedeji added that the unified brand structure will streamline operations, improve service delivery, and enhance clarity for customers. He noted that the rebranding will also position First HoldCo as a major player in international markets, helping the company leverage global opportunities while remaining a trusted partner in financial services. “Ultimately, this rebranding represents our strategic foresight and determination to remain ahead of industry trends, driven by innovation and a customer-centric approach. We are not just building a brand, we are shaping a legacy, one that balances heritage with progress, tradition with transformation, and local impact with global reach.”
First HoldCo’s earnings, and assets see strong gains
With a history spanning over 130 years, First HoldCo’s rebranding includes the retention of First Bank Nigeria Limited for the flagship business and adoption of new and unified names for its other subsidiaries in the Asset Management, Capital Markets, Securities, Trusteeship and Insurance Brokerage. The group is set to implement the changes once regulatory approvals are secured, further solidifying its presence as a dynamic leader in financial services both locally and internationally.
Under Femi Otedola, First HoldCo continues to strengthen its position as one of Nigeria’s most valuable financial firms. Beyond banking, Otedola, who holds a 13.16-percent stake in the company, has played a key role in steering its financial and operational growth. His influence extends to the energy sector as the chairman of Geregu Power Plc, one of Africa’s fastest-growing power firms, reinforcing his impact on Nigeria’s economy.
The company’s latest unaudited financial results reflect strong growth, with gross earnings jumping from N1.56 trillion ($1.02 billion) in 2023 to N3.33 trillion ($2.17 billion) in 2024. Revenue streams included interest income, fees, commissions, and gains from financial instruments. Total assets rose from $11.14 billion in December 2023 to $17.46 billion, while total equity increased from N1.72 trillion ($1.13 billion) to N2.54 trillion ($1.67 billion). Retained earnings more than doubled, reaching N1.3 trillion ($855 million), compared to N588.9 billion ($387.4 million) the previous year.
