FirstHoldCo appoints new board members for non-bank subsidiaries

First HoldCo Plc has announced new board appointments across its non-commercial banking subsidiaries, following approvals from the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM).

According to the company’s disclosure, the changes are intended to improve management and align the Group’s governance with global best practices.

These appointments are part of a broader plan to strengthen the Group’s operations and leadership across core areas such as asset management, insurance, and securities brokerage.

What they are saying 

At First Asset Management Limited, Ebikabo Williams has been appointed Chairman, bringing extensive experience in banking, capital markets, and consulting.

She is joined on the board by Usman Dantata Jr., Binta Max Gbinije, and Alero Mobola Adollo, strengthening the firm’s leadership in Nigeria’s asset and wealth management sector.

FirstCap Limited named Yewande Amusan as Chairman, supported by board members Ahmed Indimi, Irene Akpofure, Adenike Kuti, and Zeal Akaraiwe.

At First Securities Brokers Limited, John Akpeki steps in as Chairman, with Omolara Adeyemi, Susan Younis, and Kemi Andu-Alausa also joining the board.

First Trustees Limited appointed John Lee as Chairman, alongside board members Abiola Alabi, Adebisi Sola-Adeyemi, and Ugochukwu Obi-Chukwu.

Meanwhile, First Insurance Brokers, celebrating its 25th anniversary, welcomed Akinola Phillips as Chairman, with Ije Onejeme, Folukemi Akinmeji, and Mojisola Cardozo joining the board.

Group Chairman Femi Otedola, CON, praised the new appointees, highlighting that their expertise would drive value creation and further consolidate FirstHoldCo’s position as a pan-African leader.

Broader Context

The recent board appointments appear to be part of FirstHoldCo’s effort to strengthen management across its subsidiaries.

By bringing in leaders with diverse industry experience, the Group is addressing regulatory expectations and responding to rising competition in Nigeria’s financial services sector.

The move also comes as many financial institutions reassess governance structures in line with evolving global compliance and risk management standards.

It may also position FirstHoldCo for future expansions, new product offerings, or potential partnerships.

Commenting on the appointments, Group Chairman Femi Otedola stated, “These appointments reaffirm our commitment to building resilient businesses that contribute meaningfully to economic development in the broader ecosystem in which we operate.” 

Why this matters 

Stronger governance structures can help financial institutions manage regulatory requirements, improve investor confidence, and support business growth.

FirstHoldCo’s appointments, covering asset management, insurance, trusteeship, and brokerage, reflect a coordinated effort to professionalize leadership and enhance operational resilience across its subsidiaries. (Nairametrics)