When First HoldCo Plc unveiled a broad reconstitution of boards across its non-bank subsidiaries in January 2026, the move was widely read as the clearest institutional signal yet that a deeper transition was under way. On paper, the appointments bring sector-specific expertise, clearer separation between oversight and management, and chairs with the seniority to exercise independent judgement.
Whether that translates into durable commercial or strategic advantage will depend less on the calibre of the résumés than on how authority is exercised day to day—and whether experienced directors and managers are afforded sufficient latitude to operate.
At the centre of this question is Femi Otedola, whose rise to the chairmanship followed a prolonged, transparent build-up of shareholding rather than a single inflection point.
Ownership First, Governance Second
Otedola’s influence at First HoldCo was established in the market before it was formalised in the boardroom. By September 2024, disclosures showed him holding about 13.15% of the Group’s shares—enough to qualify as a strategic shareholder with material influence, but not decisive control.
That position was deepened over the following year. On 23 September 2025, Otedola acquired 39.31 million shares directly at roughly ₦31 per share (about ₦1.21bn), while an affiliated vehicle, Calvados Global Services Ltd, purchased 25.57 million shares at a similar price (about ₦792m). The combined effect lifted his stake to around 16.1%.
The decisive step came in December 2025, when Calvados acquired 369.99 million shares at close to ₦40 per share, implying a transaction value of roughly ₦14.8bn. That pushed Otedola’s combined holding to about 17.56%, making him the largest individual shareholder.
By the time he assumed the chairmanship in early 2026, ownership and influence had already converged through disclosed market transactions. The sequence matters: governance reform followed capital commitment, not the other way round.
Departures and a Quiet Rebalancing
The ownership transition also explains the quiet reshaping of influence at board level. As Otedola’s stake increased, legacy shareholder blocs reduced their exposure through market exits rather than confrontation.
Oba Otudeko, long associated with the previous control structure, divested a substantial portion of his holdings. Tunde Hassan-Odukale, another historically significant investor, also exited his material shareholding. As ownership diluted, directors aligned with those blocs rotated out through non-renewal of terms, committee reshuffles, or reduced influence, rather than abrupt removals.
This sequencing—capital first, exits second, boards last—allowed a governance reset to occur incrementally and without destabilising operations.
Management Changes: Selective, Not Sweeping
Management changes since Otedola became chairman have been targeted rather than comprehensive, concentrated in areas of governance, signalling and control rather than across frontline operations.
At Group level, Adebowale Oyedeji serves as Group Managing Director of First HoldCo, having succeeded Adesola Adeduntan following the latter’s exit in 2024. Oyedeji’s appointment marked a break from the previous management era, with executive authority more firmly centred on holding-company coordination, capital allocation oversight, and performance monitoring across subsidiaries. There has been no wholesale displacement of senior executives beneath him; the emphasis has been on tightening reporting lines and reinforcing centre-led discipline.
The company secretariat has also assumed greater prominence. Abiola Baruwa, Group Company Secretary, has remained in post but with an expanded role in board process management, regulatory liaison, and the sequencing of governance decisions—reinforcing formal channels over informal influence.
The most visible management intervention occurred within the commercial banking arm.
Communications and Marketing: A High-Profile Transition
One of the most visible management changes following the assumption of the chairmanship by Femi Otedola occurred within the commercial banking arm.
Folake Ani‑Mumuney, the long-serving Global Head of Marketing and Corporate Communications at First Bank of Nigeria, exited the role in late 2024. While the bank formally described the change as a retirement, the circumstances surrounding her departure attracted sustained attention within the banking industry.
According to media reports, the immediate context included the organisation of a high-profile send-off event for Adesola Adeduntan, the former Managing Director of First Bank, at a time when the institution was under pressure to recapitalise and reset governance standards. Those reports indicated that the event was viewed by Otedola as inconsistent with the tone expected under the new ownership structure.
However, sources inside the bank told Arbiterz that the decisive issue was not the cost or scale of the event, but the fact that a formal send-off was organised at all for a chief executive who had already fallen out of favour with the new chairman.
According to those sources, Otedola had previously asked Adeduntan to step aside following a meeting between the two at the Formula 1 Grand Prix in Monte Carlo, during which proposals allegedly made by Adeduntan were regarded by Otedola as inappropriate, contributing to a loss of confidence in the former chief executive. While the details of that interaction have not been publicly substantiated and no party has commented formally, the sources said the relationship had already deteriorated by the time the send-off was organised.
Within that context, Ani-Mumuney’s decision to proceed with a public farewell for an outgoing chief executive who was no longer in the chairman’s confidence was interpreted by Otedola as a serious lapse in judgement, rather than a question of extravagance or expenditure. Within the bank, the episode was widely interpreted as a clear assertion of control by the new chairmanship. It underscored that alignment with the revised governance direction—and sensitivity to leadership context—had become non-negotiable, and that senior managers would be held accountable not only for financial decisions, but for judgement calls that signal institutional posture and loyalty to the new order.
Following her exit, Olayinka Ijabiyi was appointed Acting Group Head, Marketing & Corporate Communications at First Bank of Nigeria, assuming responsibility for strategic communications, public relations, and marketing across the bank’s markets during a transitional period.
The decision to install an acting head, rather than immediately announce a permanent successor, reinforced the view internally that the intervention was disciplinary and signalling in nature, rather than a routine succession exercise.
Boards Rebuilt for Specialisation
Against this backdrop, First HoldCo has reconstituted boards across its non-bank subsidiaries, appointing new chairs with sector-specific experience:
Ebikabo Williams — Chair, First Asset Management Limited
Asset management is particularly sensitive to governance quality, given its fiduciary responsibilities and exposure to market risk. Ebikabo Williams brings experience across banking, capital markets, and consulting, positioning her to oversee investment processes, risk controls, and compliance structures.
The composition of the board suggests an intention to strengthen institutional discipline. Whether this translates into improved performance will depend on the board’s ability to challenge management decisions without interference from the holding company.
Yewande Amusan — Chair, FirstCap Limited
At the investment-banking subsidiary, Yewande Amusan’s background spans public-sector finance and private-sector advisory work. This is relevant in a business where transaction volume can easily outrun judgement.
The board’s effectiveness will rest on its willingness—and freedom—to prioritise pricing discipline, execution quality, and reputational risk over short-term deal flow.
John Akpeki — Chair, First Securities Brokers Limited
First Securities has recently ranked strongly in NGX performance tables. John Akpeki’s experience in global marketing and networks aligns with the need to sustain client relationships in a competitive brokerage market.
Here, governance will be tested not by growth alone, but by whether controls keep pace with expansion.
John Lee — Chair, First Trustees Limited
Trusteeship demands conservatism and procedural integrity. John Lee’s long career in global financial services suggests a focus on risk containment and fiduciary clarity rather than growth ambitions.
The board’s challenge will be to preserve credibility while adapting to a more competitive trust services market.
Akinola Phillips — Chair, First Insurance Brokers
Insurance brokerage in Nigeria is increasingly shaped by regulation, claims performance, and professional standards. Akinola Phillips’ appointment reflects an attempt to strengthen oversight and align the subsidiary with a more formalised operating environment.
Supporting directors appointed or elevated around the same period include Usman Dantata Jr. (First Asset Management), Ahmed Indimi (FirstCap), and Abiola Alabi (First Trustees), among others. The intent is to strengthen oversight in businesses where risk, reputation and capital discipline are central.
Strong on Paper, Conditional in Practice
Taken together, the ownership consolidation, board refresh and selective management interventions point to a coherent governance framework on paper. It combines a stronger holding-company centre with subsidiary boards populated by experienced chairs and directors.
The unresolved issue is execution. Ownership-led governance can sharpen accountability, but it can also narrow decision-making if authority becomes overly concentrated. The key test for First HoldCo will be whether these boards and senior managers are given genuine latitude to set strategy, challenge assumptions and take measured commercial risk, or whether decision-making ultimately remains tightly held at the centre.
That balance—between control and delegation—will determine whether the governance reset delivers sustained advantage or remains largely structural.