First HoldCo

Diversified Financial Servicesfirst-holdco.com

First HoldCo Plc is a Nigerian diversified financial services holding company whose flagship subsidiary First Bank of Nigeria provides commercial banking across 10 African countries, complemented by asset management, capital markets, trusteeship, and insurance brokerage subsidiaries serving retail, corporate, government, and institutional clients.

Company typePublic
Founded2019
HeadquartersLagos, Nigeria
Headcount1,001–5,000
GTM typeB2B and B2C
OfferingServices

What First HoldCo does

First HoldCo Plc (formerly FBN Holdings Plc) is a Nigerian diversified financial services holding company listed on the Nigerian Exchange under ticker FBNH. Its flagship subsidiary, First Bank of Nigeria Limited (FirstBank), is one of Africa's oldest banks with 130+ years of continuous operations since 1894, providing retail, corporate, and commercial banking services across Nigeria and 8 additional African countries (Gambia, Sierra Leone, Senegal, Guinea, Ghana, DRC), supported by UK banking operations and representative offices in London, Paris, and Beijing.

The group's core technology infrastructure supports traditional commercial banking alongside the FirstMobile digital banking platform for retail customers. Beyond FirstBank, First HoldCo operates a diversified subsidiary stack including First Asset Management, FirstCap (capital markets), First Securities Brokers, First Trustees, First Insurance Brokers, First Pension Custodian, and FirstNominees, covering asset management, securities brokerage, trusteeship, insurance brokerage, and pension custody. The FBNQuest merchant banking subsidiary was divested in November 2025 to EverQuest Acquisition LLP to refocus on core operations.

First HoldCo generates revenue primarily through interest income from lending activities (N704.45 billion in Q1 2026, N2.96 trillion in FY 2025), supplemented by non-funded fee and commission income across its diversified subsidiaries. Customer deposits stood at N18.4 trillion with a 93.8% CASA ratio at FirstBank Nigeria. The group serves retail customers, corporate and commercial enterprises, government and public institutions, and institutional/high-net-worth investors through relationship managers, corporate banking teams, physical branches, digital channels, and an enterprise field sales approach for wholesale banking. Q1 2026 PBT of N321 billion (+72.2% YoY) and a 31.6% annualized ROE indicate strong profitability following the successful completion of the CBN's N500 billion minimum capital requirement and an ongoing capital expansion programme targeting N1 trillion paid-up capital.

First HoldCo firmographics

Firmographics

Name: First HoldCo
Legal name: First HoldCo Plc
Website: https://first-holdco.com
Company type: Public
Founded year: 2019
Operating status: Operating
Headcount range: 1,001–5,000 employees
Short description: First HoldCo Plc is a Nigerian diversified financial services holding company whose flagship subsidiary First Bank of Nigeria provides commercial banking across 10 African countries, complemented by asset management, capital markets, trusteeship, and insurance brokerage subsidiaries serving retail, corporate, government, and institutional clients.
Ownership category
akta.pro rank

First HoldCo industry classification

Industry

Product category: Diversified Financial Services
NAICS: Offices of Bank Holding Companies (551111), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399)
SIC: State Commercial Banks (6022), National Commercial Banks (6021), Finance Services (6199)
akta.pro primary industry: HoldCo / Permanent Capital ETA (FSANALAE)
akta.pro secondary industry: Captive CVC Fund (Dedicated corporate fund structure) (FSANAHAB)

Keywords

Commercial banking services
Asset management solutions
Capital markets trading
Insurance brokerage services
Trusteeship and custody

Where First HoldCo is headquartered

Location

Headquarters

HQ city: Lagos
HQ country: Nigeria
HQ region: Africa

Offices6 records

Markets served

First HoldCo business model

Business model

GTM type: B2B and B2C
Offering type: Services
Cost components: Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

Interest Income: First HoldCo generates primary revenue through interest income from lending activities. In Q1 2026, the group earned N704.45 billion in interest income. The high interest rate environment in Nigeria (with elevated average maximum lending rate of 35.17% in March 2026) supports strong interest income growth. Interest income rose 23.6% to N2.96 trillion in 2025.
Non-Funded Income: The group generates fee income, commission revenue, and trading income from its diversified business portfolio including asset management, capital markets operations (First Securities Brokers), trusteeship (First Trustees), and insurance brokerage (First Insurance Brokers). This non-funded income stream complements the core lending business.

Pricing tiers

Model	Billing	Price
Other	Pay-as-you-go	Banking services subject to CBN regulations and market conditions

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

First HoldCo product offering

Product offering

Core offering

First HoldCo Plc is a diversified financial services holding company that provides commercial banking, asset management, capital markets, securities brokerage, trusteeship, insurance brokerage, pension custody, and nominee services through wholly owned subsidiaries. Its flagship First Bank of Nigeria Limited delivers retail, corporate, and public-sector banking across 10 African countries plus international offices in London, Paris, and Beijing. Group revenue is driven primarily by interest income from lending, complemented by non-funded fee, commission, and trading income.

Product overview

First HoldCo Plc is a diversified financial services holding company offering a platform-plus-subsidiaries architecture. The core banking business is FirstBank (First Bank of Nigeria Limited), providing commercial banking services across 8 African countries and 3 international offices (London, Paris, Beijing). The Group's non-banking portfolio comprises Asset Management (First Asset Management), Capital Markets (FirstCap, First Securities Brokers), Trusteeship (First Trustees), Insurance Brokerage (First Insurance Brokers), Pension Custody (First Pension Custodian), and Nominee Services (First Nominees). The company rebranded from FBN Holdings to FirstHoldCo and completed divestment of its FBNQuest subsidiaries (Merchant Bank, Asset Management, Securities, Capital, Funds, Trustees) to focus on core operations.

Differentiator

Problem solved

Functional benefit

Brands

FirstBank: Commercial banking subsidiary offering domestic, international and representative office services across 10 countries in Africa plus offices in London, Paris and Beijing
First Asset Management
FirstCap
First Trustees
First Securities Brokers
First Insurance Brokers
First Pension Custodian

Products and services

First Bank of Nigeria Limited (FirstBank)

Quantifiable outcome

72.2% year-on-year increase in Profit Before Tax to N321 billion in Q1 2026
+3 more outcomes

Companies that use First HoldCo

Customer profile

Segments4 records

Ideal customer profiles4 records

First HoldCo technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

First HoldCo partnerships and signals

Strategic signal

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

First HoldCo competitors and assessment

Company assessment

Direct peers

Guaranty Trust Holding Company (GTCO): GTCO is a Nigerian bank holding company that owns Guaranty Trust Bank and similar diversified financial subsidiaries; the most directly comparable peer given overlapping Nigerian commercial banking, asset management, and pension custody franchises and similar CBN regulatory regime.
Zenith Bank Plc: Zenith Bank is one of Nigeria's largest commercial banks with strong corporate banking, treasury, and digital banking franchises. Directly comparable as a top-tier Nigerian commercial bank with similar customer segments and product portfolio.
Access Holdings Plc: Access Holdings is a Nigerian bank holding company that owns Access Bank and is pursuing pan-African expansion; closely comparable as a publicly listed bank holdco navigating CBN recapitalization while expanding regional operations.
United Bank for Africa (UBA): UBA is a pan-African commercial banking group with presence across 20+ African countries and major international offices; comparable as a Nigerian-headquartered bank with a larger pan-African footprint and similar institutional/government client focus.
Stanbic IBTC Holdings Plc: Stanbic IBTC Holdings is a Nigerian financial services group offering commercial banking, asset management, stockbroking, and trusteeship services under Standard Bank Group; comparable in diversified financial services platform structure under a Nigerian holding company.
FCMB Group Plc: FCMB Group is a Nigerian bank holding company with commercial banking, investment banking, and asset management subsidiaries; comparable as a smaller-scale Nigerian holdco navigating similar CBN recapitalization requirements.

Broad incumbents

Ecobank Transnational Incorporated: Ecobank is the largest pan-African banking group with presence in 35+ African countries; comparable as a Nigerian-headquartered bank holdco with a much larger pan-African footprint and broader regional scale.
Standard Bank Group: Standard Bank is Africa's largest bank by assets, headquartered in South Africa with operations across the continent; comparable as a pan-African banking and financial services group competing for the same institutional and corporate banking flows.

Regional players

Equity Group Holdings Plc: Equity Group Holdings is a large East African bank holding company with subsidiaries in Kenya, Uganda, Tanzania, Rwanda, DRC, and South Sudan; comparable as a regional African bank holdco navigating multi-jurisdictional regulation and similar cross-border banking models.
Absa Group Limited: Absa Group is a diversified pan-African financial services group with banking operations across multiple African countries; comparable in structure and pan-African retail, corporate, and wealth management offerings, though headquartered outside Nigeria.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

First HoldCo financial estimates

Financial estimate

Revenue estimate

Valuation estimate

First HoldCo leadership team

Management profile

Number of profiles

Profiles16 records

First HoldCo subsidiaries and ownership

Company hierarchy

Subsidiaries16 records

First HoldCo funding detail

Funding detail

Funding overview

Funding rounds7 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

First HoldCo M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First HoldCo

What does First HoldCo do?

Is First HoldCo a public or private company?

First HoldCo is a public company. It is classified as public and is currently operating.

When was First HoldCo founded?

First HoldCo was founded in 2019. It employs 1,001 to 5,000 people.

Where is First HoldCo based?

First HoldCo is headquartered in Lagos, Nigeria, in the Africa region.

How does First HoldCo make money?

Two revenue lines are on record. Interest Income is the primary driver. The others are non-Funded Income.

Who are First HoldCo's main competitors?

Direct peers on record are Guaranty Trust Holding Company (GTCO), Zenith Bank Plc, Access Holdings Plc, United Bank for Africa (UBA), Stanbic IBTC Holdings Plc and FCMB Group Plc. Broad incumbents are Ecobank Transnational Incorporated and Standard Bank Group. Regional players are Equity Group Holdings Plc and Absa Group Limited.

Does First HoldCo have an API?

No public API is recorded for First HoldCo.

What industry is First HoldCo in?

First HoldCo's product category is Diversified Financial Services. Its primary akta.pro industry code is FSANALAE, HoldCo / Permanent Capital ETA, with a secondary code of FSANAHAB, Captive CVC Fund (Dedicated corporate fund structure). Its NAICS code is 551111 and its SIC code is 6022.