Table of Contents
Key Points
- Under Otedola’s leadership, FirstHoldCo’s 2024 comprehensive income rose to $663.7 million, driven by higher interest, fees, and investment gains.
- FirstHoldCo’s profit soared to $487.5 million, prompting a 74% dividend hike and reflecting Otedola’s impact since becoming chairman in January 2024.
- FirstBank’s 44-floor eco-tower in Eko Atlantic marks a bold expansion, reinforcing its legacy and future ambitions under Otedola’s direction.
Under the leadership of billionaire businessman and philanthropist Femi Otedola, FirstHoldCo, the parent company of Nigeria’s oldest bank, First Bank of Nigeria Limited, posted an impressive financial performance in 2024, with earnings crossing the $660 million mark. The results reflect the growing impact of Otedola’s leadership on the 130-year-old institution, which recorded gains across all key income lines.
Interest, fees fuel FirstHoldCo rise
According to its latest annual report, FirstHoldCo’s comprehensive income rose from N769.2 billion ($480.3 million) in 2023 to N1.063 trillion ($663.7 million) in 2024. The surge was fueled by a combination of higher interest income, strong fee and commission earnings, and solid gains from financial instruments—cementing the bank’s standing as a major player in Nigeria’s financial sector and a leading lender across Africa.
Interest income jumped from N936.7 billion ($584 million) to N2.4 trillion ($1.49 billion). Fees and commissions also climbed from N220.3 billion ($137.4 million) to N304.5 billion ($190 million), while returns from financial instruments reached N550 billion ($343 million). The bank also saw a boost from foreign currency translation gains, which added N336.6 billion ($210 million) to its bottom line.
Record profits reflect bold leadership
FirstHoldCo’s net profit more than doubled over the year, growing from N347.9 billion ($217 million) to N782 billion ($487.5 million). The jump reflects the strides the institution has made since Otedola joined the board in August 2023 and took over as chairman in January 2024. His influence is widely seen as a turning point, helping to usher in a new era of growth. On the back of these strong results, the board proposed a dividend of N0.6 ($0.000374) per share—totaling N25.1 billion ($15.7 million), up from N14.4 billion ($9 million) the previous year.
The strong performance didn’t stop at profits. FirstHoldCo’s total assets rose sharply from N16.94 trillion ($10.56 billion) at the end of 2023 to N26.52 trillion ($16.5 billion) by year-end 2024. Its total equity also increased from N1.75 trillion ($1.1 billion) to N2.79 trillion ($1.74 billion), while retained earnings nearly doubled, growing from N588.9 billion ($367.1 million) to N1.116 trillion ($695.7 million).
Otedola drives FirstHoldCo’s growth strategy
With a legacy spanning over 130 years, FirstHoldCo remains one of Nigeria’s most valuable financial institutions. Under Otedola’s guidance, the leading lender is not only strengthening its position at home but also laying the groundwork for broader growth across the continent.
As the group’s chairman and largest individual shareholder, with an 11.8 percent stake, Otedola has been instrumental in shaping this new chapter. His influence extends beyond banking—he also chairs Geregu Power Plc, one of Africa’s fastest-growing power firms—underscoring his broader role in Nigeria’s economic development.
Earlier in the year, Otedola unveiled another milestone in FirstBank’s evolution: the groundbreaking of its new, state-of-the-art headquarters in Eko Atlantic City, Lagos. The ceremony brought together top political and business figures, including Vice President Kashim Shettima, Africa’s richest man Aliko Dangote, Lagos State Governor Babajide Sanwo-Olu, and notable entrepreneurs like Gilbert and Ronald Chagoury, Deji Adeleke, Tunde Folawiyo, and Daisy Danjuma.
The new building, set to rise 252 meters over 44 floors, is more than just a corporate office. Spanning 115,000 square meters, the eco-friendly tower is designed to reflect FirstBank’s future—combining innovation, sustainability, and ambition. Once complete, it will reshape the Lagos skyline and set a new benchmark for banking infrastructure in Africa.
