FirstHoldco Plc has announced the commencement of a major rebuilding and restructuring process, acknowledging that the transformation of the financial services group will involve significant operational disruptions as it seeks long-term sustainability and growth.
In a statement shared on social media, the Group Chief Executive Officer, Femi Otedola, described the restructuring as a necessary step in dismantling outdated structures and rebuilding a stronger foundation for the institution.
“Rebuilding and restructuring a behemoth like FirstHoldco Plc will come with a lot of disruptions, including both pleasant and unpleasant surprises,” Otedola said. “We must pull things apart, remove old faulty foundations and build a new experience for all our stakeholders.”
According to him, the ongoing reforms represent a “new beginning” for the company, aimed at guaranteeing corporate longevity, improved governance and sustainable value creation. He stressed that the transformation is anchored on the core pillars of transparency, accountability and long-term value for shareholders and other stakeholders.
Otedola reaffirmed his commitment to steering the group toward becoming a world-class financial institution, noting that he remains focused on the task without distractions.
“I remain grounded in our pursuit to build a world-class financial institution, while my commitment to continue to invest my all—financial and otherwise—remains unflinching,” he stated.
Industry analysts say the restructuring signals a decisive shift in FirstHoldco’s corporate strategy, as the company seeks to strengthen governance frameworks, improve operational efficiency and restore investor confidence in Nigeria’s highly competitive financial sector.
The company has not yet disclosed specific timelines or the full scope of changes expected under the restructuring programme.