First Bank of Nigeria (FirstBank), established in 1894, is Nigeria’s oldest and one of the most respected financial institutions. As of 2024, it operates under its parent company, FirstHoldCo Plc—a structure formed to comply with the Central Bank’s regulatory requirements. But who truly holds ownership and control of this banking giant today?
First Bank Ownership Details
| Shareholder | Ownership Stake | Role/Notes |
|---|---|---|
| Barbican Capital (Otudeko) | ~13.6% | Largest single shareholder, linked to Oba Otudeko |
| Femi Otedola | ~5.64% | Significant individual shareholder and current Board Chairman |
| Free Float / Others | ~80–81% | Held by institutional and individual investors |
Who Owns First Bank?
First Bank is owned by FirstHoldCo Plc, with a diverse shareholder base—including individual and institutional investors. Control and influence range among major stakeholders:
- Barbican Capital Limited (linked to Oba Otudeko) holds approximately 13.6%, making it the largest single shareholder.
- Femi Otedola holds around 5.64%, via direct and indirect holdings.
- Institutional “free floats” constitute a large portion of shares, with the remaining ownership belonging to other shareholders.
Who Runs First Bank Today?
- Chairman: Ebenezer Olufowose, appointed in May 2024, chairs First Bank’s Board of Directors.
- CEO / Managing Director: Olusegun Alebiosu, appointed in April 2024, leads the bank’s operations.
Company Background
Formerly known as Bank of British West Africa, First Bank was renamed in 1979. In response to regulatory reforms in 2010, FirstHoldCo Plc was established as the holding company, making First Bank a wholly owned subsidiary.
The bank has a storied history—nation-wide branch network, key role in retail banking, and a reputation for stability and innovation. Assets stood at ₦27.4 trillion as of 2024.
FAQs
Q: Who owns First Bank of Nigeria?
A: First Bank is owned by FirstHoldCo Plc, with significant shareholdings held by Barbican Capital (~13.6%), Femi Otedola (~5.64%), and the majority in free float.
Q: Who is Barbican Capital linked to?
A: Barbican Capital is affiliated with Oba Otudeko, a former Board Chairman who retains significant influence.
Q: Who leads First Bank’s management?
A: Ebenezer Olufowose is Chairman, and Olusegun Alebiosu is the current CEO/MD.
Q: When was First Bank founded and when did it restructure?
A: Founded in 1894, First Bank restructured into a holding company structure in 2010 through FirstHoldCo Plc.
Final Thoughts
First Bank of Nigeria is ultimately owned by FirstHoldCo Plc, with Barbican Capital (Otudeko) and Femi Otedola as the most influential shareholders. Leadership transitions have recently installed Ebenezer Olufowose as Chairman and Olusegun Alebiosu as CEO. The bank remains a stalwart in Nigeria’s financial landscape, balancing stability, broad ownership, and legacy.