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Key Points
- Vice President Kashim Shettima led dignitaries, including Aliko Dangote, at the groundbreaking of FirstBank’s 43-story headquarters in Lagos’ Eko Atlantic City.
- As chairman and largest shareholder, Otedola is driving FirstHoldCo’s transformation, backed by record-breaking financial results and a $17.46 billion asset base.
- Africa’s richest man, Aliko Dangote, announced plans to relocate his industrial empire’s headquarters to Eko Atlantic, reinforcing Lagos as Nigeria’s financial hub.
Nigeria’s Vice President, Kashim Shettima, led a high-profile delegation, including Africa’s richest man, Aliko Dangote, to the groundbreaking ceremony of FirstBank’s new 43-story headquarters at Eko Atlantic City in Lagos. Representing President Bola Tinubu, Shettima was welcomed by billionaire businessman and chairman of FirstHoldCo, Femi Otedola, who hosted top figures from politics, business, and commerce.
The event drew an impressive lineup of dignitaries, including Lagos State Governor Babajide Sanwo-Olu, Ogun State Governor Dapo Abiodun, Ondo State Governor Lucky Aiyedatiwa, and former Senate President Bukola Saraki. Also in attendance were Nigerian-Lebanese business moguls and Chagoury Group co-founders Gilbert and Roland Chagoury, Pacific Holdings founder Deji Adeleke, Folawiyo Group managing director Tunde Folawiyo, and May & Baker Nigeria Plc chair Daisy Danjuma.
FirstBank’s new HQ signals growth, innovation
Vice President Shettima praised FirstBank and its parent company, FirstHoldCo, under Otedola’s leadership, calling the project a testament to the administration’s commitment to industrialization, innovation, and sustainable development. One of the highlights of the event was Sanwo-Olu’s formal presentation of the approval certificate to Otedola, marking the official start of construction on what will be West Africa’s tallest skyscraper.
Standing at 252 meters, the 43-story tower is designed to be more than just an office—it’s a statement of ambition and progress. With 115,000 square meters of built-up space, the eco-friendly headquarters will lower operational costs while reinforcing FirstBank’s role as a leader in sustainable banking. More than reshaping the Lagos skyline, it sets a new benchmark for the financial sector across Africa.
Aliko Dangote also made a major announcement at the event, revealing plans to relocate the headquarters of his industrial empire to Eko Atlantic City, solidifying its status as Nigeria’s financial hub. “I will be here very soon,” Dangote said, turning to Otedola. “And I want to congratulate you on this groundbreaking ceremony.”
Femi Otedola’s bold FirstBank transformation
Femi Otedola’s influence on FirstBank has been nothing short of transformative. When he began acquiring shares in FirstHoldCo in 2021, many saw it as just another strategic move by one of Nigeria’s savviest investors. But it has turned into something much bigger—a bold effort to reshape one of Africa’s oldest and most respected financial institutions.
Now, as chairman and largest shareholder, Otedola is steering the 130-year-old institution into a new era. A major symbol of that vision is the construction of FirstBank’s state-of-the-art headquarters at Eko Atlantic. But this isn’t just about a new building—it’s about redefining banking in Africa with a stronger, more ambitious FirstBank.
The timing couldn’t be better. FirstBank and its parent company are delivering record-breaking financial results. In 2024, the bank reported gross earnings exceeding $2 billion, while total assets climbed to $17.46 billion. Under Otedola’s leadership, FirstHoldCo has solidified its place as one of Nigeria’s most valuable financial institutions.
The latest unaudited results paint an even stronger picture. Gross earnings nearly doubled, rising from N1.56 trillion ($1.02 billion) in 2023 to N3.33 trillion ($2.17 billion) in 2024. The bank’s balance sheet is in its best shape yet, with total equity reaching N2.54 trillion ($1.67 billion) and retained earnings soaring to N1.3 trillion ($855 million).
