FBN Holdings Plc, one of Africa’s largest and most historic financial institutions, has officially rebranded as First HoldCo Plc in a strategic move to unify its brand and reinforce its market dominance. The transformation follows a proposal approved at the company’s 12th Annual General Meeting on November 14, 2024.
The rebranding, announced in a disclosure on the Nigerian Exchange on February 13, 2025, signals a new era for the financial giant, which reported total assets of $17.46 billion and gross earnings exceeding $2 billion at the end of its 2024 fiscal year.
A Legacy of Strength and Innovation
First HoldCo Plc remains the parent company of First Bank of Nigeria Limited, Nigeria’s oldest and one of its most respected banks. The new identity reflects a forward-looking vision, embracing innovation while staying true to its heritage of trust and resilience.
According to the statement signed by Adewale L.O. Arogundade, Group Secretary, the rebranding aims to unify First HoldCo’s subsidiaries under a single corporate identity, enhance operational efficiency across its diverse financial services, and strengthen its global competitiveness in the banking sector.
Strategic Subsidiary Rebranding
While First Bank Nigeria Limited retains its name as the flagship business, First HoldCo’s subsidiaries in asset management, capital markets, securities, trusteeship, and insurance brokerage will adopt a more streamlined, cohesive brand identity. These changes will be implemented once regulatory approvals are secured.
Leadership Speaks on the Transition
Wale Oyedeji, Group Managing Director of First HoldCo Plc, described the rebranding as a defining moment in the company’s history.
“This transition to First HoldCo Plc is not just about a name change—it marks the renewal of our purpose and vision to deliver world-class financial solutions. With a unified identity, we will enhance operational synergies, improve service delivery, and strengthen our leadership position across Africa and globally.”
Oyedeji emphasized that the move will increase brand clarity, simplify offerings for customers, and position First HoldCo as a leading financial powerhouse on the international stage.
Femi Otedola’s Growing Influence in First HoldCo
As the largest individual shareholder with a 13.16 percent stake, Nigerian billionaire Femi Otedola continues to play a key role in First HoldCo’s expansion. Under his strategic leadership, the company has recorded strong financial growth.
Gross earnings surged from N1.56 trillion ($1.02 billion) in 2023 to N3.33 trillion ($2.17 billion) in 2024. Total assets grew from $11.14 billion in December 2023 to $17.46 billion in 2024. Equity increased from N1.72 trillion ($1.13 billion) to N2.54 trillion ($1.67 billion). Retained earnings more than doubled from N588.9 billion ($387.4 million) to N1.3 trillion ($855 million).
Beyond First HoldCo, Otedola is also the chairman of Geregu Power Plc, one of Africa’s fastest-growing energy firms, further cementing his influence in Nigeria’s economy.
First HoldCo and the Future of Nigerian Banking
With over 130 years of financial leadership, First HoldCo’s transformation represents its ambition to lead Nigeria’s banking sector into the future. The company’s commitment to innovation, operational efficiency, and global expansion positions it as a major force in African finance.
As the financial services landscape evolves, First HoldCo Plc is set to remain at the forefront, blending heritage with progress, tradition with transformation, and local impact with global reach.
