Otedola’s bombshell: Expect unpleasant disruptions as we restructure First Holdco Plc

By Kazeem Ugbodaga

Billionaire businessman Femi Otedola, Chairman of First Holdco Plc, has acknowledged that the company’s ambitious rebuilding and restructuring efforts will involve significant disruptions, including both positive and negative surprises.

In a detailed post on X, Otedola described the process as one that requires dismantling outdated structures.

“Rebuilding and restructuring a behemoth like First Holdco Plc will come with a lot of disruptions including both pleasant and unpleasant surprises.

“We must pull things apart, remove old faulty foundations and build a new experience for all our stakeholders,” he said.

He framed the current phase as “our current reality at FirstHoldco Plc but surely a new beginning here for all of us,” promising a transformed institution focused on long-term success.

Otedola emphasised that the restructuring is driven by “tenacity of purpose and veracity of vision,” underpinned by three core pillars: Transparency, Accountability, and Long Term Value for all stakeholders.

The ultimate goal, he said, is to build “a world class financial institution” capable of delivering corporate sustainability and longevity.

Despite the expected challenges, Otedola reaffirmed his personal commitment, saying “my commitment to continue to invest my all; financial and otherwise, remains unflinching.”

First Holdco Plc, the holding company for First Bank of Nigeria, one of the country’s oldest and largest financial institutions,  has been undergoing strategic reforms aimed at strengthening governance, operational efficiency, and competitiveness in Nigeria’s evolving banking sector.