Table of Contents
Key Points
- The 40-story eco-friendly skyscraper in Eko Atlantic City will be Nigeria’s tallest, setting new sustainability and innovation standards in the financial sector.
- Under Femi Otedola’s leadership, FirstBank reported over $2 billion in gross earnings in 2024, with total assets soaring to $17.46 billion.
- As chairman and largest shareholder, Femi Otedola leads financial giant into a new era, marked by expansion and a forthcoming rebrand to FirstHoldCo.
When Nigerian billionaire businessman and philanthropist Femi Otedola began acquiring shares in FBN Holdings Plc—soon to be rebranded as FirstHoldCo—in 2021, many saw it as yet another strategic investment by one of Nigeria’s shrewdest business minds. But what has since unfolded is a masterclass in corporate transformation that goes beyond financial gains—a complete repositioning of one of Africa’s most storied financial institutions.
Now, as chairman of FBN Holdings Plc—the parent company of Nigeria’s oldest bank, First Bank of Nigeria Limited—Otedola, who is also the single largest shareholder, is leading the 130-year-old institution into a new era. A major milestone in this journey is the groundbreaking of FirstBank’s new, state-of-the-art, eco-friendly headquarters in Eko Atlantic City, Lagos.
FirstBank’s new HQ redefines banking standards
Set to be the tallest building in Nigeria and one of Africa’s most advanced financial hubs, the 40-story skyscraper is more than just an office space—it’s a bold statement. Designed with sustainability in mind, the green-certified Iconic Head Office Building will reduce operational costs while reinforcing FirstBank’s leadership in sustainable banking. More than reshaping the Lagos skyline, it sets new standards for the financial services sector across the continent.
“We are proud to mark this significant milestone in our journey towards excellence. Our new Head Office is envisioned as a world-class structure that represents our dedication to innovation, customer satisfaction, and sustainability.,” said Olusegun Alebiosu, CEO of FirstBank Group. “We believe that this development will play a crucial role in fostering economic growth and development across Africa, creating long-term value for all our stakeholders.”
For Otedola, this is beyond an iconic edifice —it’s about cementing FirstBank’s leadership in the industry. “This gathering highlights the importance of collaboration and support from various sectors in bringing our ambitious plans for the new headquarters to life. We appreciate the unrelenting support from our customers and stakeholders as we work together to turn this vision into reality,” he said at today’s groundbreaking ceremony, attended by top dignitaries, including President Bola Ahmed Tinubu, state governors, senators, and industry leaders.
Under Otedola, FirstBank expands legacy with bold vision
First Bank and its parent company, FBN Holdings, are expanding at a time of record-breaking financial performance. In 2024, the bank reported gross earnings of over $2 billion, while total assets soared to $17.46 billion. The upcoming rebranding to FirstHoldCo reflects its broader ambitions beyond traditional banking, with divisions spanning asset management, capital markets, securities, trusteeship, and insurance brokerage.
Under Otedola’s leadership, the group has become one of Nigeria’s most valuable financial institutions. The latest unaudited results show a surge in gross earnings from N1.56 trillion ($1.02 billion) in 2023 to N3.33 trillion ($2.17 billion) in 2024. The balance sheet is stronger than ever, with total equity climbing to N2.54 trillion ($1.67 billion) and retained earnings doubling to N1.3 trillion ($855 million).
Otedola’s influence beyond banking
Otedola’s impact extends well beyond FirstHoldCo. With a 13.16 percent stake, making him the single largest shareholder of the leading lender, he has played a pivotal role in shaping its direction while remaining a major force in Nigeria’s energy sector.
As chairman of Geregu Power Plc—one of Africa’s fastest-growing power companies—he has overseen a surge in profits, with Geregu posting N41.27 billion ($26.8 million) in earnings for 2024. The company was also named “Most Compliant Listed Company of the Year” at the NGX Made of Africa Awards, highlighting its strong corporate governance.
His growing influence in both finance and energy has seen his net worth rise by $100 million in 2025 alone, reaching $1.7 billion. His ability to drive expansion and deliver value to shareholders has cemented his reputation as one of Africa’s most visionary business leaders.
Otedola’s vision reshapes Nigerian banking
The groundbreaking of FirstBank’s new headquarters is more than just a construction project—it marks the next chapter in Otedola’s vision for Nigeria’s financial sector. With a legacy spanning over a century, FirstBank has continually evolved to meet the needs of an ever-changing market. Now, with a green-certified skyscraper rising in Lagos and strong financials to back it up, the institution is poised for even greater heights.
For Otedola, this is just the beginning. With the new headquarters underway, he is not just reshaping a bank—he is redefining the future of Nigeria’s financial industry. The towering structure in Eko Atlantic City is more than a symbol of ambition; it is a statement of sustainability, resilience, and the limitless potential of African finance under visionary leadership.
