First HoldCo Plc (Formerly FBN Holdings): A FIRSTHOLDCO Research Guide

FBNH was the NGX ticker of FBN Holdings Plc, the holding company of First Bank of Nigeria. In February 2025 the company changed its name to First HoldCo Plc, and its shares now trade on the Nigerian Exchange as FIRSTHOLDCO. This article discusses the company only for educational and research purposes; it does not tell readers to buy, sell, or hold its shares.

First HoldCo Plc (formerly FBN Holdings) is the holding company that controls First Bank of Nigeria Limited, one of the country's oldest and largest commercial banks, along with other financial services subsidiaries. The entity listed on the NGX is First HoldCo under the ticker FIRSTHOLDCO, not First Bank itself. Understanding this holding structure is an important part of researching the stock.

Understanding First HoldCo as a Business

First HoldCo operates across commercial banking through its largest subsidiary, First Bank of Nigeria Limited, as well as other financial services businesses. The group's financial performance is therefore influenced by multiple businesses, with commercial banking being the dominant contributor to revenue and profit. Review the current subsidiary breakdown and group financial summary from official investor relations documents.

Key risk factors include: the legacy non-performing loan (NPL) history of First Bank — which has been a subject of regulatory focus in previous periods; capital adequacy under CBN requirements; the group's exposure to Nigerian government securities and sovereign risk; the macro sensitivity of banking earnings to the interest rate environment; and operational risk associated with a large, legacy institution undergoing digital transformation. Verify the current risk profile from First HoldCo's official annual report and CBN regulatory disclosures.

FBN Holdings (now First HoldCo) has paid dividends, though the track record has been variable in periods where the bank faced regulatory capital constraints. Dividend payments require CBN approval for the banking subsidiary. Verify the current dividend policy and recent payments from official First HoldCo investor relations publications.

First HoldCo vs First Bank: What Is Listed on the NGX?

This is a frequently misunderstood point. The NGX-listed entity is First HoldCo Plc, trading as FIRSTHOLDCO. First Bank of Nigeria Limited kept its name as the banking subsidiary and is not itself separately listed on the NGX. When you buy FIRSTHOLDCO shares, you are buying an interest in the holding company that controls First Bank — not a direct share in First Bank alone.

How to Research FIRSTHOLDCO

Research on First HoldCo can include: the most recent annual report and group financial statements; the CBN published list of banks and their capital adequacy ratios; First Bank's NPL ratio and coverage ratio trend; the group's return on equity compared with peers; and any regulatory statements from the CBN concerning the group. Official disclosures are available on the NGX disclosure portal.

How to Buy FIRSTHOLDCO Shares on the NGX

To buy First HoldCo shares, open an account with a regulated SEC-registered broker or investment platform, complete KYC, fund your account, and place a buy order for NGX ticker FIRSTHOLDCO. Shares settle through the CSCS on T+1 and are credited to your CSCS account under your CHN number. Ensure direct CSCS registration in your own name to receive dividends and retain AGM voting rights.

Frequently Asked Questions

What is the difference between First Bank and First HoldCo?

First Bank of Nigeria Limited is the banking subsidiary and kept its name. First HoldCo Plc, formerly FBN Holdings, is the listed parent holding company. The NGX-listed entity trades as FIRSTHOLDCO, not as First Bank itself.

What is the NGX ticker for First HoldCo, formerly FBN Holdings?

First HoldCo Plc now trades on the NGX under FIRSTHOLDCO. Its previous name was FBN Holdings Plc and its previous ticker was FBNH.

Does First HoldCo pay dividends?

FBN Holdings (now First HoldCo) has paid dividends in certain periods. Dividend payments are subject to CBN regulatory approval for the banking subsidiary and board discretion at the holding company level. Verify the most recent dividend payment from official First HoldCo investor relations publications.

Where can I find First HoldCo's official financial reports?

First HoldCo Plc publishes annual reports, quarterly results, and investor presentations on the NGX disclosure portal and on its official investor relations website. Always use primary sources for financial data.

Is First HoldCo regulated by the CBN?

First Bank of Nigeria Limited, the principal banking subsidiary of First HoldCo, is licensed and regulated by the Central Bank of Nigeria (CBN). First HoldCo Plc as a listed entity is also subject to the rules of the SEC Nigeria and the NGX. Verify current regulatory status from official CBN and SEC disclosures.