First HoldCo Reshapes Non-Bank Boards to Deepen Governance, Unlock Growth
In a decisive move to future-proof its diversified financial services ecosystem, First HoldCo Plc has announced a sweeping refresh of board leadership across its non-commercial banking subsidiaries—signalling a renewed strategic emphasis on governance depth, specialist oversight, and long-term value creation.
The First HoldCo board appointments, which followed regulatory approvals from the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), reflect a deliberate effort by the Group to align its non-banking businesses with global best practices while positioning them for accelerated growth in increasingly competitive markets.
Strategic Governance as Growth Infrastructure
At a time when Nigeria’s financial services landscape is undergoing structural transformation—driven by regulation, capital market sophistication and rising consumer expectations—First HoldCo’s move underscores a clear philosophy: governance is not compliance, but growth infrastructure.
According to the Group, the refreshed boards are designed to inject deep sector expertise, broaden strategic thinking, and strengthen fiduciary oversight across asset management, capital markets, trusteeship and insurance broking.
Key Appointments Across Subsidiaries
First Asset Management Ltd.
Ms Ebikabo Williams has been appointed Chairman of the Board. A seasoned professional with experience spanning banking, capital markets and consulting, Williams is expected to steer the firm through a phase of expanding institutional and retail asset management opportunities.
She will be supported by board members Usman Dantata Jr., Binta Gbinije and Alero Adollo, strengthening the company’s positioning in Nigeria’s fast-evolving wealth and investment management space.
FirstCap Ltd.
Ms Yewande Amusan was named Chairman, with Ahmed Indimi, Irene Akpofure, Adenike Kuti and Zeal Akaraiwe joining as board members—an ensemble reflecting strong capital markets, private equity and corporate governance credentials.
First Securities Brokers Ltd.
The Group appointed John Akpeki as Chairman, alongside Omolara Adeyemi, Susan Younis and Kemi Andu-Alausa, reinforcing its brokerage arm with leadership focused on institutional execution, compliance rigour and market credibility.
First Trustees Ltd.
Veteran banker John Lee was appointed Chairman, bringing over four decades of global financial services experience across corporate banking, institutional finance and wealth management in Africa.
He will be joined by Abiola Alabi, Adebisi Sola-Adeyemi and Ugochukwu Obi-Chukwu, positioning the trusteeship business for stronger participation in pensions, estate planning and institutional mandates.
First Insurance Brokers Ltd.
The insurance brokerage subsidiary named Akinola Phillips as Chairman, supported by Ije Onejeme, Folukemi Akinmeji and Mojisola Cardozo, reinforcing governance capacity at a time of regulatory tightening and product innovation in Nigeria’s insurance market.
Leadership Speaks: Strategy Beyond Banking
Commenting on the appointments, Femi Otedola, Group Chairman, First HoldCo Plc, said the refreshed boards represent a strategic investment in leadership quality and institutional resilience.
“We are delighted to welcome seasoned professionals to the boards of our non-commercial banking subsidiaries. Their expertise, track records and leadership will play a critical role in shaping the next phase of our growth as a trusted African leader delivering innovative solutions across diverse sectors,” Otedola stated.
He added that the appointments reinforce the Group’s long-term commitment to building resilient businesses capable of contributing meaningfully to economic development across the broader financial ecosystem.
BRANDECONOMY ANALYSIS: A HOLDCO PLAYBOOK TAKES SHAPE
First HoldCo’s board refresh highlights a maturing holding-company playbook in Nigerian finance—one that recognises non-bank subsidiaries not as peripheral businesses, but as core engines of fee income, capital formation and balance-sheet efficiency.
As regulatory pressures reshape commercial banking margins, asset management, capital markets, trusteeship and insurance broking are becoming strategic pillars for sustainable profitability. By installing specialised boards with domain depth, First HoldCo is signalling seriousness about scale, governance credibility and long-term shareholder value.
In an era where trust is currency, governance is a competitive advantage, and First HoldCo is keen on playing the right cards.
