ALERT: No more First Bank, customers in shock as First Bank makes this strong announcement

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First Holdco Plc is the new corporate name that First Bank of Nigeria (FBN) Holdings Plc has approved, marking a major rebranding. In keeping with its overarching strategic objectives, this effort attempts to simplify its identity among subsidiaries.

On Thursday, November 14, 2024, the company’s 12th Annual General Meeting (AGM), conducted online, concluded the resolution for the name change. Adewale Arogundade, the secretary of FBN Holdings, stated in a statement issued over the weekend that the new identity would apply to all of the company’s subsidiaries. As to the statement, the company’s evolving aim to unify its brand and improve global recognition is reflected in the new legal name, First Holdco Plc, and the brand name, FirstHoldco.

The statement from First Bank reads: “That there should be a change of the legal and brand names of the company from FBN Holdings Plc and FBN Holdings to First Holdco Plc and FirstHoldco, respectively.“

“That the change of legal and brand names should be extended to the subsidiaries of FBN Holdings Plc“

“That the directors be and are hereby authorised to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including, without limitation, complying with the directives.“

A comprehensive proposal to raise N350 billion in capital was authorised by shareholders in addition to the rebranding. A variety of strategies, including rights issues, private placements, and public offers, will be used to carry out this fundraising campaign. After these procedures are finished, the firm plans to update its articles of association and memorandum to reflect its new name and higher share capital.

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