Kehinde Fajobi
Nigeria’s oldest banking institution, FBN Holdings Plc, is set to adopt a new identity as “First Holdco” following shareholders’ approval to change its name.
This marks a significant transformation for the financial services group, which traces its roots back to 1894 when its flagship subsidiary, First Bank, pioneered commercial banking in Lagos.
The company, formerly known as First Bank of Nigeria Plc, became FBN Holdings in 2012 during a corporate restructuring that transitioned it into a holding company model.
In a note to the Nigerian Exchange, the company stated, “Shareholders agreed that there should be a change of the legal and brand names of the company from FBN Holdings Plc and FBNHoldings to First Holdco and FirstHoldco Plc.”
The change will also apply to its subsidiaries.
The final phase of the process involves amending FBN Holdings’ memorandum and articles of association to reflect the new name.
Additionally, shareholders have approved the company’s plan to raise ₦350 billion in equity capital.
The capital raise may involve a public offering, rights issue, private placement, or a combination of these methods.
FBN Holdings is already conducting a ₦149.6 billion rights issue to help recapitalise its subsidiaries in compliance with the Central Bank of Nigeria’s directive.
The regulation requires banks with international authorisation, including UBA, GTCO, Access Holdings, Zenith, Fidelity, and FCMB, to increase their capital base to at least ₦500 billion by March 2026.
In September, FBN Holdings sold its merchant banking arm, FBN Quest, to a consortium comprising Custodian Investment Plc, Aion Investments Private Limited, and Evercorp Industries Limited.
This divestment unbundled the merchant banking unit from its investment banking and asset management divisions.