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Nigerian billionaire Femi Otedola is making waves again, this time with the rebranding of FBN Holdings Plc. The financial giant has officially changed its name to First HoldCo Plc (FirstHoldCo) as it pushes for greater expansion.
This move comes alongside impressive financial growth, with the company’s assets now exceeding $17 billion and gross earnings surpassing $2 billion in 2024.
Why the rebrand?According to First HoldCo, the name change is more than just a fresh identity—it represents a new era for the company. It aims to unify its different subsidiaries, strengthen its market presence, and reinforce its long-standing reputation for trust, innovation, and excellence.
Wale Oyedeji, the Group Managing Director, described the transition as a “bold step into the future.” He explained that the new name allows the company to build a stronger brand while keeping its legacy intact. More importantly, the rebrand positions First HoldCo as a global player in the financial world.
What Changes for Customers?Despite the name change, First Bank of Nigeria Limited will remain the flagship brand under First HoldCo. Other subsidiaries—such as Asset Management, Capital Markets, Securities, Trusteeship, and Insurance Brokerage—will adopt new, unified identities once regulatory approvals are secured.
For customers, this means, more streamlined operations, improved service delivery, and a clearer and stronger brand identity
Otedola’s influence and the company’s financial growthFemi Otedola, who holds a 13.16% stake in the company, has been instrumental in First HoldCo’s transformation. Under his leadership, the company has seen significant financial growth. The latest reports show that,
Gross earnings jumped from $1.02 billion in 2023 to $2.17 billion in 2024
Total assets surged from $11.14 billion to $17.46 billion
Equity rose from $1.13 billion to $1.67 billion
Retained earnings more than doubled, reaching $855 million
Otedola’s impact extends beyond banking. As the Chairman of Geregu Power Plc, he continues to play a key role in Nigeria’s energy sector, further cementing his status as a business powerhouse.
What’s next for First HoldCo?With its rebranding complete and financials on the rise, First HoldCo is set to expand its influence both locally and globally. As the company embraces this new phase, customers and investors alike can expect more innovation, stronger financial services, and a bigger international presence.
This is not just a name change—it’s a statement. First HoldCo is here to lead, evolve, and thrive.
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