Company: First HoldCo
Country: Nigeria
Sector: Regional Banks
CEO: Olusegun Alebiosu (Managing Director/CEO, First Bank of Nigeria, the group’s principal banking subsidiary)
Website: https://firstholdco.com/
Careers Page: Not publicly listed
LinkedIn: Not publicly listed
Email: Not publicly listed
Headquarters: Lagos, Nigeria
Founded: First Bank of Nigeria founded 1894; restructured under a non-operating holding company (formerly FBN Holdings) from 2012, renamed First HoldCo Plc in 2024
Valuation/Revenue: $2,213.3m revenue and $823.1m market value (African Business Top 250, 2025 ranking); group reported total assets of NGN 27.4 trillion and nine-month pre-tax profit of NGN 610.9bn as of 2024
First HoldCo Plc is the non-operating holding company that owns First Bank of Nigeria, one of the country’s oldest and largest commercial banks, alongside a portfolio of other financial services businesses. Formerly known as FBN Holdings, the group renamed itself First HoldCo Plc to align its corporate identity more closely with the First Bank brand that anchors most of its earnings.
What Does First HoldCo Do?
As a holding company, First HoldCo does not operate directly; instead it oversees First Bank of Nigeria’s banking operations, which span retail banking, corporate banking, commercial banking and public sector banking, along with related financial services subsidiaries operating under the wider group umbrella. First Bank itself is one of Nigeria’s oldest banks, tracing its roots to 1894, and operates an extensive network described in company materials as covering over 820 business locations, supplemented by an agent banking network of more than 233,500 locations across Nigeria as of 2024 — a scale that makes First Bank one of the country’s most far-reaching financial institutions, particularly important for extending banking access outside major cities.
How Big Is First HoldCo?
African Business magazine’s Top 250 African companies ranking for 2025 placed First HoldCo’s revenue at approximately $2.21 billion and its market value at roughly $823 million. Separately, the group reported total assets of NGN 27.4 trillion as of 2024, alongside a nine-month pre-tax profit of NGN 610.9 billion for the period ending September 2024. First Bank was among nine listed Nigerian banks that together posted combined profits of NGN 4.786 trillion in 2024, reflecting a broadly strong year for Nigeria’s banking sector amid high interest rates and currency volatility.
Who Owns First HoldCo?
The company describes itself as having diversified ownership spread across more than 1.3 million shareholders globally, reflecting its long history as a widely held Nigerian public company. In recent years, Nigerian businessman Femi Otedola built up a significant shareholding in the group and has been publicly associated with its board leadership, part of a broader wave of high-profile Nigerian investors taking large stakes in the country’s banking sector.
Is First HoldCo Publicly Traded?
Yes. First HoldCo Plc trades on the Nigerian Exchange, and as a listed holding company its shares are distinct from — though economically tied to — the performance of its main subsidiary, First Bank of Nigeria.
Who Runs First Bank, the Group’s Main Subsidiary?
Olusegun Alebiosu has served as Managing Director/CEO of First Bank of Nigeria, the group’s principal operating subsidiary, as confirmed in 2024 reporting on the bank’s asset growth and financial results. Given the holding company’s non-operating structure, First Bank’s leadership is central to the group’s day-to-day strategy and results.
What Has First HoldCo Been in the News For Recently?
In 2025, First HoldCo was reported to be planning to divest shares currently held by a special purpose vehicle (SPV) as part of a broader capital restructuring and regulatory compliance strategy, with a stated goal of raising NGN 500 billion in fresh capital — part of a sector-wide recapitalization drive mandated by Nigeria’s central bank for the country’s banks. The rename from FBN Holdings to First HoldCo Plc in 2024 was itself notable, aligning the parent company’s name with its flagship First Bank brand.
How Does First HoldCo Compare to Its Competitors?
Within Nigeria’s banking sector, First HoldCo/First Bank competes with other major listed banking groups including Zenith Bank, Access Holdings (parent of Access Bank), Guaranty Trust Holding Company (GTCO) and United Bank for Africa (UBA) — together often referred to as Nigeria’s tier-one banks. First Bank’s distinguishing feature among this group is its longevity, having operated continuously since 1894, making it Nigeria’s oldest bank, though it has at times faced questions from analysts about asset quality and capital adequacy relative to some younger, faster-growing rivals.
Links
Website: https://firstholdco.com/
Careers Page: Not found
LinkedIn: Not found
Email: Not publicly listed
FAQ
What is First HoldCo?
It is the non-operating holding company (formerly FBN Holdings) that owns First Bank of Nigeria and related financial services businesses.
Is First HoldCo the same as First Bank of Nigeria?
No — First HoldCo is the listed parent company; First Bank of Nigeria is its main operating banking subsidiary.
Who runs First Bank of Nigeria?
Olusegun Alebiosu serves as Managing Director/CEO of the bank.
Is First HoldCo publicly traded?
Yes, on the Nigerian Exchange.
How old is First Bank of Nigeria?
It was founded in 1894, making it Nigeria’s oldest bank.
How much revenue does First HoldCo generate?
Approximately $2.21 billion, per African Business magazine’s Top 250 African companies ranking for 2025.