Following the successful recapitalization of its flagship commercial bank, First HoldCo Plc (formerly FBN Holdings) has announced a major leadership overhaul across its non-banking subsidiaries.
The appointments, which followed regulatory approvals, affect First Asset Management, FirstCap, First Securities Brokers, First Trustees, and First Insurance Brokers.
New board members have been appointed for each subsidiary. These include chairpersons and members for First Asset Management Limited, FirstCap Limited, First Securities Brokers Limited, First Trustees Limited, and First Insurance Brokers Limited.
Announced on January 9, 2026, these appointments represent a “governance refresh” led by Group Chairman Femi Otedola and GMD Wale Oyedeji.
The move is designed to transition these units from support functions into aggressive profit centers following the Group’s divestment from its merchant banking arm, FBNQuest.
Group Chairman Femi Otedola noted that these boards will play a “critical role” in the Group’s next phase. Having cleared the ₦500 billion hurdle for FirstBank, the Group is now looking at its non-bank subsidiaries to contribute a larger share of the Group’s Total Comprehensive Income (TCI).
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