First Holdco’s recent strategic pivot, marked by Oba Otudeko’s exit, signals a transformative journey towards becoming Africa’s top financial institution. With Femi Otedola consolidating control, the company is leveraging its rich heritage and vast potential to drive growth and stability.
The strengthened leadership, with Otedola’s increased stake and chairmanship, provides stability and strategic clarity, allowing the company to focus on its ambitious goals. This development has also led to improved governance, with enhanced corporate governance, risk management, and operational discipline, positioning First Holdco for sustainable success.
Furthermore, the company’s robust capital base, supported by plans to raise N350 billion in fresh capital, will enable it to expand its operations, enhance its digital infrastructure, and accelerate its global presence. This capital raise, following a successful N147 billion rights issue, demonstrates First Holdco’s commitment to meeting the Central Bank of Nigeria’s regulatory requirements and solidifying its position in the market.
In line with Otedola’s vision, First Holdco is poised to become a dominant player in Africa’s financial sector, driven by innovation, governance, and profitability. The company’s strategic focus on lending, asset management, and insurance brokerage will create value for its stakeholders and contribute to Nigeria’s economic growth.
Additionally, First Holdco’s plans to sell Otudeko’s 25% stake will bring clarity to its ownership structure, potentially boosting investor confidence and paving the way for future growth. The company’s ongoing efforts to meet the Central Bank of Nigeria’s N500 billion minimum capital requirement demonstrate its commitment to regulatory compliance and long-term sustainability.
Overall, First Holdco’s strategic actions and choices, under Otedola’s leadership, position the company for success, as it seeks to reclaim its historical dominance in Nigeria’s financial sector and become a pan-African success story, thereby contributing to the country’s economic development and growth.
The company’s recent performance is impressive, with gross earnings surging to N3.5 trillion in 2024 and total assets growing to N27.1 trillion. First Holdco’s commitment to transparency and accountability is evident in its early release of Q2 2025 results.
The company’s Q2 2025 results reveal a pretax profit of N169.6 billion, marking a modest 4.58% decline compared to the same quarter last year. However, this solid performance brings the group’s half-year pretax profit to N356.1 billion.
The company’s interest income surged 61.92% to N812.1 billion, driven by loans and advances (N910.3 billion), investment securities (N445.7 billion), and loans to banks (N81.2 billion). Consequently, net interest income climbed 87.32% to N539.6 billion, with net interest income after impairment increasing 65.16% to N391.4 billion. Additionally, fee and commission income rose 27.54% to N74.5 billion, contributing to the company’s overall performance.
Despite increased operational expenses, the company’s total assets grew 2.54% to N27.1 trillion, with retained earnings increasing 23.17% to N1.3 trillion. This growth is a testament to First Holdco’s strong balance sheet and strategic positioning. Furthermore, the company’s chairman, Femi Otedola, has emphasized its vision to become Africa’s leading financial institution, focusing on innovation, governance, and profitability. Notably, First Holdco’s early release of Q2 2025 results demonstrates its commitment to transparency and accountability.
