FirstBank of Nigeria & First HoldCo Plc

FirstBank of Nigeria: As the main subsidiary of First HoldCo, First Bank has been recapitalised and cleaned up under Otedola's leadership. Its improved performance and capital position underpin the group's re-rating.

First HoldCo Plc: The holding company is the target of Otedola's acquisitions and has seen its share price and market capitalisation surge to record levels. It has become Nigeria's most valuable banking group, benefiting from improved earnings and governance.

FirstBank of Nigeria: FirstBank of Nigeria, the main subsidiary, benefits from the group's recapitalisation and improved capital adequacy, supporting its operations and growth.

First HoldCo Plc: First HoldCo Plc is the central entity, approving the dividend policy and reporting strong H1 results. The policy enhances its attractiveness to shareholders and signals financial strength.

FirstBank of Nigeria: As the main subsidiary of First HoldCo, the bank's prospects are enhanced by the parent's strong performance and Otedola's confidence.

First HoldCo Plc: The company benefits from Otedola's accumulation, which has contributed to a 190% year-to-date share price surge and its position as the most valuable lender on the Nigerian Exchange Group.

FirstBank of Nigeria: Parent of FBNQuest and First Trustees, First Bank is indirectly affected through its subsidiaries' exposure to Nestoil's debt.

First HoldCo Plc: Parent company of First Bank, First HoldCo Plc is indirectly impacted by the debt recovery and the performance of its banking subsidiaries.