First HoldCo’s Record 2024 Results: New Leadership, Profit Surge, and Market Confidence Define FY2024

In a defining year marked by an audacious boardroom overhaul and a transformation in corporate governance, First HoldCo Plc has emerged with record-breaking earnings for the financial year ended December 31, 2024. Under the newly installed leadership of Chairman Olufemi Otedola and Group Managing Director Wale Oyedeji, the financial holding company posted a profit before tax of ₦781.9 billion—a staggering 125% increase from ₦347.9 billion in 2023. Net profit surged to ₦677 billion, more than doubling the previous year’s ₦310 billion. These results place First HoldCo among the highest-performing financial institutions in Nigeria, underscoring the group’s newfound strategic clarity and managerial discipline.

A Fresh Commanding Presence: The Otedola Effect

Otedola’s formal ascendancy to the chairmanship on January 31, 2024, symbolised a consolidation of influence that began with aggressive share acquisitions in prior years. With a combined direct and indirect holding of 4.7% and 7.1% respectively, he now commands over 12% of the group’s equity. Under his leadership, the board was rapidly reshaped: key figures such as Alhaji Ahmad Abdullahi and Nnamdi Okonkwo stepped aside, making room for more strategic appointees, including Oyedeji and Segun Alebiosu. The board now reflects Otedola’s drive for accountability and growth, with a stronger mix of executive and independent directors and a performance-focused culture.

A Revived Banking Arm and Group-Wide Gains

The results affirm a dramatic turnaround, particularly at First Bank Nigeria Ltd, the flagship subsidiary long plagued by legacy loan issues and governance concerns. The bank’s contribution to group profits soared, benefitting from macroeconomic tailwinds—especially the high-interest-rate environment—and internal restructuring. Gross earnings for the group nearly doubled to ₦3.2 trillion from ₦1.56 trillion in 2023.

This rebound was supported by enhanced risk management, capital allocation, and technology-driven efficiencies across subsidiaries. Cost-to-income ratios improved, and impairment charges remained well-contained despite the volatile credit landscape. These gains underscore the effectiveness of the governance reforms and strategic capital allocation championed by the new leadership.

Corporate Governance Renaissance

One of the hallmarks of First HoldCo’s 2024 transformation is its renewed commitment to corporate governance. Following years of investor unease over insider dealings and regulatory infractions, the new board embraced sweeping reforms. A governance audit by PwC validated the group’s adherence to Nigerian and international corporate governance codes, while also recommending refinements in succession planning and board evaluation processes.

First HoldCo also revamped its committee structure, dissolving the former Board Audit and Risk Assessment Committee and establishing distinct audit and risk management committees, in line with new Central Bank of Nigeria guidelines. These moves signal a break from past opacity and a shift toward best-in-class corporate stewardship.

Dividend Resurgence and Retail Shareholder Gains

In a sign of regained confidence and fiscal health, the board has proposed a dividend of 60 kobo per share—up from 35 kobo in 2023—translating to a payout of over ₦25 billion. This enhanced return aligns with the group’s improved profitability and capital position, and it will particularly benefit the over 1.1 million mostly retail shareholders, who collectively hold more than 50% of the company.

Otedola’s financial bet on the group appears vindicated, and his visible influence will likely reshape investor expectations going forward. Retail investors are also buoyed by an increasingly transparent communication style and commitment to shareholder value.

A Boardroom of Technocrats

The composition of First HoldCo’s board now includes seasoned professionals with backgrounds in energy, finance, law, insurance, and international business. The biographies of directors such as Dr. Julius Omodayo-Owotuga, Peter Aliogo, and Kofo Dosekun underscore the board’s depth and diversity.

Oyedeji’s appointment as GMD brought a technocrat’s precision to the group’s operations. His banking pedigree, built at Guaranty Trust Bank and Nova Merchant Bank, is complemented by a Harvard and Wharton-trained management philosophy. Under his stewardship, First HoldCo is not merely recovering—it is repositioning as a forward-looking financial powerhouse.

The Outlook: Consolidation and Market Expansion

As Nigeria’s macroeconomic environment remains fraught with currency volatility and regulatory pressures, First HoldCo’s performance offers a template for resilience and reinvention. Key priorities for 2025 include:

• Deepening digital transformation across subsidiaries

• Strategic divestments and investments in growth areas such as asset management and insurance

• Enhancing ESG disclosures and sustainability practices

With strong capital buffers, market credibility, and a refreshed board, First HoldCo appears set for its next phase of growth. The task ahead will be sustaining this performance trajectory and avoiding the governance lapses that once threatened the group’s stability.

First HoldCo’s FY2024 results are more than just a financial turnaround—they mark the reawakening of a Nigerian financial institution once beset by inertia. The combination of strategic vision, corporate discipline, and boardroom realignment has set the group on a compelling path. For investors and industry watchers, the new First HoldCo is no longer a story of redemption—it is one of ambition.

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