First Bank Announces New Name, Shareholders Approve New Identity
- First Bank holding company has announced a rebrand as it seeks a uniform identity across its subsidiaries
- President of the Bank Customers Association of Nigeria, Uju Ogubunka has reassured customers that there is no need to worry about the rebranding
- Financial analyst, Ishaya Ibrahim, posited that First Bank's rebranding is a mind game strategy amid its recent fraud allegations
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
FBN Holdings Plc has been renamed First HoldCo Plc (FirstHoldCo) as part of plans to create a uniform identity across all its subsidiaries.
The leading Nigerian financial company announced the change in its name in a statement released on Tuesday, February 11, 2025.
Source: Getty Images
The rebranding was intended to highlight FirstHoldCo’s commitment to innovation, customer focus, and operational excellence.
Part of the statement from the banking firm read:
"FirstBank, FirstHoldCo Plc will retain First Bank Nigeria Limited as its flagship brand while adopting new, unified names for its other subsidiaries in Asset Management, Capital Markets, Securities, Trusteeship, and Insurance Brokerage."
The statement also confirmed that this change would be effected across the group once the relevant regulatory approval had been given.
Legit.ng previously reported that at the 12th AGM of the holding company in November 2024, First Bank shareholders approved a change in the legal and brand names from First Bank Holdings to FirstHoldCo Plc and FirstHoldCo, respectively.
Details about First Bank's name change
First Bank described the transformation and rebranding as a pivotal milestone in its journey to redefine its identity, unify its subsidiaries, honour its heritage, and solidify its leadership in the financial services industry.
Group managing director Wale Oyedeji said the transition was significant for the company and marked a strategic shift towards future growth and innovation, as reported by Punch.
“The transition to FirstHoldCo Plc marks a defining moment in our history as we embark on a bold path toward the future."
He added that the rebranding was not just a name change but also described this process as a 'reaffirmation of our purpose, vision, and commitment to providing world-class financial solutions to our stakeholders'.
Oyedeji said the rebranding would unify the company’s identity across subsidiaries and regions, reinforcing its leadership position in Africa while maintaining a global presence.
"It strengthens our dedication to creating lasting value while preserving the trust and confidence that have shaped our relationships for over a century."
Source: UGC
The GMD highlighted that within Nigeria, FirstHoldCo’s unified brand structure would strengthen operational synergies, enhance clarity in service offerings, and improve the delivery of tailored solutions for businesses and individuals nationwide.
“Internationally, it strengthens the Group’s position as a formidable organisation, enabling us to capitalise on global market opportunities while reinforcing our role as a trusted partner in financial services.”
ThisDay reported that the GMD said the rebranding aligned with the company’s strategic vision of staying ahead of industry trends through innovation and a customer-centric approach.
“We are not just redefining a brand; we are shaping a legacy that seamlessly blends heritage with progress, tradition with transformation, and local impact with global reach."
Rebranding won't affect services, says Bank expert
The rebranding of First Bank to First HoldCo Plc has sparked concerns among customers and stakeholders in the banking industry.
However, according to Dr. Uju Ogubunka, President of the Bank Customers Association of Nigeria (BCAN), there is no cause for alarm.
In a chat with Legit.ng, he explained that the rebranding simply indicates that First Bank and its sister companies are now under a holding company.
As he put it:
"The FirstHoldCoPlc simply indicates that the company is a Holding Company. In other words, First Bank PLC and its sister companies are now under a Holding Company."
The BCAN president assured customers that the rebranding would not affect the services provided by First Bank. He emphasized that customers of First Bank who are members of BCAN would still be covered by the association.
The former registrar of the Chartered Institute of Bankers of Nigeria said:
"The customers of First Bank who are members of the Bank Customers Association of Nigeria (BCAN) are still covered by BCAN."
Dr. Ogubunka also stated that BCAN would continue to play its role in protecting the interests of its members, regardless of the rebranding.
His words:
"When the need arises, BCAN will play its role not minding that First Bank now belongs to the family of the Holding Company. There is really nothing to worry about.”
Rebranding is First Bank's mind game tactic amidst fraud scandal - Analyst
First Bank's rebranding effort, which saw the bank's holding company, FBN Holdings Plc, renamed First HoldCo Plc, is expected to have a positive impact on its relationships with customers, investors, and partners, according to financial analyst, Ishaya Ibrahim.
In an interview with Legit.ng, Ibrahim noted that the rebranding is a plot to reassure customers and investors, amidst its reputational issues.
As he put it:
"First Bank is currently dealing with reputational issues following fraud cases to the tune of over N6 billion against some of its former top executives. The rebranding appears to be an effort to reassure customers and investors that things are going well."
Ibrahim described the rebranding as:
"A powerful mind game designed to show that the brand is still very strong despite those financial misdeeds." He expressed optimism that the rebranding would help to boost customer confidence and reassure investors.
When asked about potential challenges during the rebranding process, Ibrahim downplayed the likelihood of any significant hurdles.
The analyst added:
"Although the name has to be approved by the shareholders, I don't see any challenges from realising that. This is a bank that has been in business for 129 years. It has earned the magic wand to make anything successful.”
SME owner hails First Bank's secure platform amid rebranding
The rebranding of First Bank to First HoldCo Plc has elicited reaction from Small Medium Enterprise (SME) owner, Eroh Mavis.
In a chat with Legit.ng, she noted that change is a welcome development.
Mavis, who is also a customer service specialist, expressed her confidence in the bank's ability to continue delivering top-notch services saying:
"First Bank's reliable and efficient services have transformed my business transactions, enabling seamless customer experiences. I have absolute confidence in their secure platform, knowing my funds are protected.”
10 biggest commercial banks in Nigeria in 2025
Legit.ng also reported on Nigeria's largest banks as of February 2025 as investors scrambled for top bank shares.
Zenith Bank and GT Bank topped the list as the largest commercial banks in the Nigerian market at that time.
First Bank also made the list and ranked among the financial institutions in the country worth over N1 trillion.
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Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.
Ololade Olatimehin (Editorial Assistant) Olatimehin Ololade is a seasoned communications expert with over 7 years of experience, skilled in content creation, team leadership, and strategic communications, with a proven track record of success in driving engagement and growth. Spearheaded editorial operations, earning two promotions within 2 years (Giantability Media Network). Currently an Editorial Assistant at Legit.ng, covering experts' exclusive comments. Contact me at Olatimehin.ololade@corp.legit.ng or +234 802 533 3205.
