First Bank of Nigeria has received shareholder approval to change its name from First Bank of Nigeria to First Holdco Plc, marking a significant milestone in the company’s history.
In a statement released by First Bank of Nigeria through the Secretary of the bank, Adewale Arogundade, “The name change to First Holdco Plc reflects our commitment to creating a unified identity and solidifying our position as a leading financial institution in Nigeria.”
The decision was made during the company’s 12th Annual General Meeting (AGM) held virtually on Thursday, November 14, 2024.
The approved changes include changing the company’s legal name from FBN Holdings Plc to First Holdco Plc, changing the brand name from FBN Holdings to FirstHoldco, and extending the name change to subsidiaries of FBN Holdings Plc.
“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,” the company stated.
Shareholders also approved FBN Holdings’ plan to raise N350 billion through various methods, including public offering, private placement, and rights issue.
“This capital raise will enable us to strengthen our financial position and drive growth,” Arogundade added.
The company’s Memorandum and Articles of Association will be amended to reflect the new legal name and issued share capital upon completion of the name change and capital raise processes.
“Upon completion of the processes for the change of name, increase of the company’s share capital, and allotment of the new ordinary shares, following the resolutions above, the Memorandum and Articles of Association of the company be amended as necessary to reflect the company’s new legal name and issued share capital,” the statement concluded.
With this rebranding, First Bank aims to unify its identity and solidify its position as a leading financial institution in Nigeria.
