The Nation Newspaper

Tag: First HoldCo Plc

  • FirstHoldCo names board members for non-bank subsidiaries

    FirstHoldCo names board members for non-bank subsidiaries

    First HoldCo Plc has appointed new board members across its non-commercial banking subsidiaries.

    This move, following regulatory approvals from the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), is part of efforts to deepen governance, strengthen oversight, and position the business for sustainable growth.

    At First Asset Management Limited, Ebikabo Williams emerged Chairman of the Board, bringing her extensive industry knowledge spanning banking, capital markets, and consulting. She will be supported by equally experienced board members like Usman Dantata Jr., Binta Max Gbinije, and Alero Mobola Adollo. These appointments are expected to further consolidate the firm’s position as a dominant player in the asset and wealth management space in Nigeria.

    At FirstCap Limited, Yewande Amusan has been appointed Chairman. She is an accomplished finance professional with experience cutting across both public and private sectors. Ahmed Indimi and Irene Akpofure were appointed along with Adenike Kuti and Zeal Akaraiwe.

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    First Securities Brokers Limited, which recently emerged as the top performer in the Nigerian Exchange (NGX) Brokers Performance Report in terms of both trading volume and transaction value, has named John Akpeki as Chairman. He is expected to leverage his vast experience in global marketing and networking. He is joined by Omolara Adeyemi, Susan Younis and Kemi Andu-Alausa.

    Similarly, First Trustees Limited, one of the Group’s long-standing subsidiaries in trust and estate management, has strengthened its governance structure with the appointment of John Lee as its Chairman. He has over 40 years’ experience in global financial services, specialising in Corporate & Institutional Banking and Wealth Management across Africa. The other members of the board who are bringing their combined rich wealth of experience are Abiola Alabi, Adebisi Sola-Adeyemi, and Ugochukwu Obi-Chukwu.

    For its insurance business, First Insurance Brokers celebrating its 25th anniversary last year has appointed Akinola Phillips as Chairman. He is joined by Ije Onejeme, Folukemi Akinmeji and Mojisola Cardozo.

    Commenting on the appointments, Group Chairman of First HoldCo Plc, Mr. Femi Otedola, CON, said: “We are delighted to welcome these distinguished professionals to the boards of our non-commercial banking subsidiaries. Their proven expertise, impeccable track records, and leadership will play a critical role in shaping the next phase of our growth, enhancing stakeholder value, and reinforcing our position as a trusted African leader delivering innovative solutions across diverse sectors.”

    He added: “These appointments reaffirm our commitment to building resilient businesses that contribute meaningfully to economic development in the broader ecosystem in which we operate.”

    The new appointments are aimed at bringing seasoned professionals with a wealth of experience to the subsidiaries, aligning the Group with international best practices in corporate governance.

    This infusion of leadership talents reflects the FirstHoldCo Board’s strategic and deliberate resolve to make these entities future-ready in both products and service offerings.

  • FIRST HOLDCO PLC Announces result of Private Placement of 3,276,923,077 ordinary shares of 50 Kobo each at ₦32.50 per share

    FIRST HOLDCO PLC Announces result of Private Placement of 3,276,923,077 ordinary shares of 50 Kobo each at ₦32.50 per share

  • First HoldCo Plc slams ThisDay, Arise TV for misrepresentation

    First HoldCo Plc slams ThisDay, Arise TV for misrepresentation

    • Company denies claims, calls out media houses for sensationalism

    The attention of the Board and Management of First HoldCo Plc has been drawn to the deliberate misrepresentation of facts and gross unprofessional conduct demonstrated by ThisDay Newspaper of July 17, 2025, and Arise TV on the recent off-market block trading of First HoldCo Plc shares on the floor of the Nigerian Exchange Limited (NGX).

    First HoldCo Plc expresses its embarrassment and disappointment at the wilful and sensational distortion of facts by both ThisDay Newspaper and Arise TV following the movement witnessed in the market on Wednesday, July 16, 2025, when a total of 10.4 billion units of shares in off-market block trading took place on the floor of the Nigerian Exchange Limited (NGX).

     This action was done with deliberate malicious intent to cast First HoldCo Plc in a bad light and continue to create confusion and panic amongst our esteemed stakeholders.

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     We also wish to categorically state that Mr. Femi Otedola, CON, did not buy or take over the traded 10.4 billion units of shares, neither did the Federal Government of Nigeria, its agencies, and the Hon. Attorney of the Federation participate in the acquisition of the shares in question. The trading of the shares was conducted under a highly transparent and regulator-supervised process with the consent of all the parties involved. This was done in order to ensure continuous stability of this important national franchise. 

    The shares were sold to an independent Bridge Holder with no benefit accruing to the company.

    We urge the proprietor of both Thisday and Arise TV media platforms to focus on paying back the indebtedness of his company – General Hydrocarbons Ltd to FirstBank rather than negatively channelling his energies towards vilifying the FirstHoldCo Group.

     Again, we advise ThisDay Newspaper and Arise TV to always demonstrate fairness, objectivity, and verification of facts before releasing news to the public. This, they owe the general public. It is indeed core and at the heart of the tenets of journalism.

  • First Holdco confirms N323b Otudeko, Hassan-Odukale buyout

    First Holdco confirms N323b Otudeko, Hassan-Odukale buyout

    •Shares with CBN-approved trustee, says AGF

    First Holdco Plc yesterday confirmed exit of its longstanding shareholder and former chairman, Oba Otudeko and another major shareholder and director, Tunde Hassan-Odukale, in a N323 billion buyout deal sanctioned by the Central Bank of Nigeria (CBN).

    In a regulatory filing at the Nigerian Exchange (NGX) yesterday, the board of First Holdco confirmed that Otudeko and Hassan-Odukale sold their shares to RC Investment Management.

    A search indicated RC Investment Management is a subsidiary of Renaissance Capital. It was incorporated in May 2024 with Sule Samuel Babatunde, the Chief Executive Officer of Renaissance Capital holding the 100 per cent equity stake as person with significant control.

    The Nation had reported that a total of 10.43 billion ordinary shares of First Holdco valued at N323.33 billion were swapped in off-market, negotiated deals at the Nigerian Exchange (NGX) on Wednesday. The transactions were crossed in 17 deals at N31 per share.

     In a regulatory filing at the NGX Regulation (NGX Regco), which oversees activities at the NGX, the board of First Holdco, in a statement signed by Company Secretary, Adewale Arogundade, said the transaction did not involve chairman of the group, Femi Otedola, or any government officials and agencies, as previously reported by some media, not The Nation.

    According to group, the transactions were between Otudeko’s Barbican Capital and Affiliates and Hassan-Odukale’s Leadway Group and affiliates as seller and RC Investment Management Limited as buyer.

    The banking group, in another filing yesterday, also confirmed sale of shares by Barbican Capital, whose controlling stake resides with the Otudekos.

     A breakdown of the transaction obtained yesterday indicated that RC Investment Management acquired about 7.787 billion shares worth N241.4 billion from Otudekos and 2.647 billion shares worth N82 billion from Hassan-Odukales.

     The transaction represented about 25 per cent majority stake in the group, which currently has 41.87 billion outstanding shares.

     Meanwhile, the office of the Attorney General of the Federation (AGF) yesterday said it was “aware of a trustee set up by the First Holdco, with the CBN approving Stanbic IBTC to oversee it as a third party”, in relation to the buyout.

    In a statement signed by S A to the President on Communication and Publicity, Office of the Attorney General of the Federation and Minister of Justice, Kamarudeen Ogundele, the AGF denied any federal government involvement in the First Holdco share acquisition.

     “We are compelled to respond to a publication by ThisDay Newspaper of July 17, 2025, and Arise TV suggesting that 25% of First Bank Holdings (First Holdco) shares were transferred to the Federal Government of Nigeria’s (FGN) trustee.

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     “The report is inaccurate, misleading, resentful and malicious.

     “Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question.

     “The Office of the Attorney General of the Federation and Minister of Justice debunks this falsehood to prevent confusion or misconceptions about First Holdco’s ownership and governance.

     “The circumstances surrounding the shareholding structure are distinct from any government involvement,” Ogundele stated.

    He urged the media to exercise restraint, professionalism and due diligence in carrying out their duties to avoid violating the law.

    He said: “We assure the public of continuous commitment to the promotion of the Rule of Law, Justice, equity, accountability, transparency and service to the nation by the administration of President Bola Ahmed Tinubu”.

  • 25% oversubscription of First Holdco’s N150b Rights Issue paves the way for its Private Placement of N350b

    25% oversubscription of First Holdco’s N150b Rights Issue paves the way for its Private Placement of N350b

    FirstHoldco has announced a 25% oversubscription of its recently concluded Rights issue. Speaking on the capitalisation exercise, Adebowale Oyedeji, the Group Managing Director of First HoldCo Plc, commented that following the capital verification exercise of the Central Bank of Nigeria, the Group is delighted to announce the successful completion of the up to N150 billion Rights Issue following impressive subscriptions of N187.6 billion (over 25% above target), in this first phase of the capital raise exercise.  The overwhelming response from our shareholders is a testament to the trust and confidence placed in the FirstHoldCo Group and its vision for the future.

    This capital raise will empower the Group to strengthen its position in the market, invest in innovation, and drive sustainable growth in FirstBank, its flagship subsidiary.

    We extend our profound appreciation to the Central Bank of Nigeria and the Securities and Exchange Commission for their support in ensuring the integrity of the process and that of the capital market.

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    We are excited about the opportunities ahead and remain committed to optimising value for our shareholders.

    Chairman’s Statement

    The Chairman of First HoldCo Plc, Mr. Femi Otedola, CON further commented “On behalf of the Board of Directors, I would like to extend my heartfelt gratitude to all our shareholders and all stakeholders involved in this successful Rights Issue offer. The strong participation is a clear

    indication of the collective belief in FirstHoldCo and its bright future. We deeply appreciate the continued support and partnership, which enables us to embark on this next phase of growth.”

    “We also wish to acknowledge our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, for their guidance and support throughout the process, ensuring that all procedures were transparent and in full compliance with the applicable regulations.”

    In line with the overwhelming support and approval granted by the shareholders at the 12th Annual General Meeting of the company on November 14, 2024, the second phase of the raising of up to N350 billion will commence in earnest. We further solicit the support of all stakeholders in this regard.