Nigeria’s oldest banking institution is adopting a new identity after Shareholders approved a proposal to change the name it has held for 12 years to “First Holdco.”
The financial services group, whose flagship subsidiary First Bank pioneered commercial banking in Nigeria in 1894, changed its name to “FBN Holdings” in 2012 from “First Bank of Nigeria PLC.”
This was part of a corporate transformation that shifted the lender’s operational model from traditional banking to a holding company.
Shareholders have now agreed to change the legal and brand names of the company from FBN Holdings Plc and FBNHoldings to First Holdco and FirstHoldco Plc, as stated in a note to the Nigerian Exchange.
This change also applies to the group’s subsidiaries, according to FBN Holdings.
The final phase of this process involves amending FBN Holdings’ memorandum and articles of association to reflect the new name.
Additionally, the company has received shareholders’ approval to raise ₦350 billion from the capital market.
This equity capital raise could take the form of a public offering, rights issue, private placement, or a combination of these methods.
FBN Holdings is currently conducting a share sale to existing shareholders to raise ₦149.6 billion to help recapitalize its subsidiaries, as required by the Central Bank of Nigeria.
The new regulation mandates that lenders with international banking authorization, such as FBN Holdings, UBA, GTCO, Access Holdings, Zenith, Fidelity, and FCMB, must increase their capital base to a minimum of ₦500 billion by March 2026.
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