First HoldCo Plc (formerly FBN Holdings)

First HoldCo Plc, formerly FBN Holdings Plc, is listed on the Nigerian Exchange under the ticker FIRSTHOLDCO, previously FBNH. FBN Holdings Plc changed its name to First HoldCo Plc in February 2025. First Bank of Nigeria Limited kept its name as the banking subsidiary. First Bank is one of the most widely recognised banking brands in Nigeria, with one of the largest retail branch and agent networks in the country. The group adopted a holding company structure in 2012, separating the banking business from the broader group. The group is frequently tracked by investors researching legacy Nigerian banking institutions and the broader financial services sector.

First HoldCo operates primarily through First Bank of Nigeria Limited, which provides retail, business, and corporate banking services. First Bank's products include current and savings accounts, personal and SME loans, mortgage finance, trade finance, foreign exchange services, and digital banking channels. Beyond banking, the holding company has other financial services businesses. This diversified model means the group earns income from banking and other financial services activity.

First HoldCo generates the substantial majority of its group earnings through First Bank of Nigeria, which operates a conventional commercial banking model. Net interest income — the spread between interest earned on customer loans and interest paid on deposits — is the largest single income stream. First Bank earns interest on loans to retail consumers, SME borrowers, and large corporate clients, as well as on its holdings of Nigerian government securities including Treasury Bills and FGN Bonds. Fee and commission income comes from account maintenance charges, electronic transfer fees, ATM fees, trade finance services (letters of credit and similar instruments), and digital banking transaction volumes. Treasury and foreign exchange trading contributes income from the interbank FX market and money market activity. Other financial services businesses contribute additional income. Holding company costs — group overheads, governance, and financing — are set against these subsidiary earnings. The holding company structure means that dividends paid to FIRSTHOLDCO shareholders depend on First Bank and the subsidiaries being able to upstream earnings to the holding company level, which is subject to CBN capital adequacy requirements.

People researching First HoldCo shares may be studying Nigeria's oldest bank brand, diversified financial services within one NGX-listed holding company, or comparisons between FIRSTHOLDCO and other Nigerian banking holding groups such as GTCO and ACCESSCORP.

• Review the official NGX profile for FIRSTHOLDCO to confirm the holding company structure, current subsidiaries, listing information, and any recent regulatory announcements or corporate actions.
• Read First HoldCo's annual report and financial results to assess First Bank's loan quality (NPL ratios), capital adequacy, profitability, digital transformation progress, and the contribution of non-banking subsidiaries to group earnings.
• Compare FIRSTHOLDCO with other NGX banking holding groups on capital strength, asset quality, return on equity, and dividend history to understand its relative position in the Nigerian financial sector.

• Credit risk: First Bank has historically carried higher non-performing loan ratios than some peers, and ongoing loan book quality is an important factor to monitor.
• Regulatory risk: CBN supervision of Nigerian banks can result in capital requirements, restrictions on dividends, or operational directives that affect reported profitability.
• Macro and FX risk: naira volatility and Nigerian economic conditions affect borrower quality, fee income volumes, and overall earnings.
• Holding company risk: the ability to pay dividends at group level depends on First Bank and subsidiaries upstreaming earnings to the holding company.
• The value of shares can rise or fall, and past performance is not a guide to future returns.

FBN Holdings (now First HoldCo) has paid dividends to shareholders in multiple years, though dividend decisions depend on group earnings, the CBN's regulatory stance on capital adequacy, and the board's assessment of the group's capital needs. People researching FIRSTHOLDCO for dividend income can review the latest dividend announcements via the official NGX company page and the most recent annual report for First Bank Nigeria's capital position.

First HoldCo Plc (formerly FBN Holdings) dividend history and payment dates

• Net interest margin (NIM) — the spread between First Bank's lending rate and deposit cost; the primary driver of net interest income
• Non-performing loan (NPL) ratio — loan quality indicator; First Bank has historically carried higher NPL ratios than some Nigerian peers, making this metric closely watched
• Capital adequacy ratio (CAR) — regulatory minimum capital as % of risk-weighted assets; CBN minimums must be maintained before dividends can be upstreamed
• Cost-to-income ratio — operating efficiency of the banking business; lower is better
• Return on equity (RoE) — net profit as % of shareholders' equity; the core profitability benchmark for bank holding companies
• FBNQuest assets under management (AUM) — indicates the scale and growth of non-banking earnings contribution
• Dividend per share and CBN capital compliance status — the key upstream constraint on income investor returns

Open a free account, pick First HoldCo Plc (formerly FBN Holdings) and an amount from ₦10,000 a month. We buy through a SEC-regulated broker at the next market open and register the shares in your legal name at the CSCS. Pause or change the amount any month.