By Abiola Olawale
Following institutional crisis plaguing FBN Holdings Plc, Nigeria’s oldest financial institutions, the organization has officially rebranded to First HoldCo Plc.
This transformation, which was announced in a statement by First Bank’s Secretary, Adewale Arogundade, is believed to reflect the company’s strategic vision to unify its brand identity, reinforce its heritage, and position itself as a forward-looking leader in the face of internal turmoil and crisis arising from ongoing tussles between legendary Busuness mogul, Oba Otudeko on the one hand and General Hydrocarbons Ltd, GHL on the other hand.
The New Diplomat reports that FBN Holdings Plc, formerly known as First Bank of Nigeria Plc, is a financial services conglomerate with a legacy spanning over a century.
Its flagship subsidiary, First Bank of Nigeria Limited, was established in 1894, making it Nigeria’s oldest banking institution. Over the years, the group expanded its operations to include diverse financial services such as commercial banking, investment banking, asset management, capital markets, securities, trusteeship, and insurance brokerage.
In 2012, the company transitioned from a traditional banking model to a holding company structure, adopting the name FBN Holdings Plc to reflect its diversified operations.
Arogundade, in the statement, said the move was formally approved by shareholders during the 12th Annual General Meeting (AGM) held virtually on November 14, 2024.
Speaking on the development, Group Managing Director, First Holdco Plc, Wale Oyedeji, said: “This transition to First Holdco Plc is a defining moment in our history as we chart a bold course for the future. The rebranding represents more than a name change; it is a renewal of our purpose, vision, and commitment to delivering world-class financial solutions to our stakeholders.
“It allows us to unify our identity across subsidiaries and geographies, creating a strong, cohesive brand that reflects our leadership position in Africa and sustains our global presence.”
The New Diplomat also reports that this development is coming amidst a leadership crisis rocking First Bank.
It would be recalled that internal tension and unease bedevilling Nigeria’s oldest financial institution, the First Bank, have continued to escalate as there has been a reported move among shareholders of First Bank of Nigeria Holdings Plc (FBN Holdings) to trigger a shake-up in the top leadership hierarchy of the company’s Board.
This is as shareholders of First Bank Holdings Plc are said to be currently pushing for an extraordinary general meeting (EGM) to accomplish that goal.
The New Diplomat’s checks reveal that most stakeholders had declared that the demand for the EGM was in line with section 2615 (1) of CAMA.
It was gathered that the key focus of the battle for the soul of the bank is principally between forces loyal to Oba Otudeko and those in support of Femi Otedola. The former wants to oust Otedola from his position as chairman, along with the one Julius B. Omodayo-Owotuga from his role as a non-executive director.
