Table of Contents
Key Points
- Femi Otedola’s FirstHoldCo invests $9.7 million to strengthen cybersecurity at First Bank amid rising financial cyberattacks in Nigeria.
- First Bank deploys advanced fraud tech, assures full customer protection, and enforces strict anti-fraud policies, including internal staff surveillance.
- Under Otedola’s leadership, FirstHoldCo posts $660 million earnings in 2024, boosts digital transformation, and expands financial footprint across Africa.
FirstHoldCo, the parent company of Nigeria’s oldest bank, First Bank of Nigeria Limited, under the leadership of billionaire businessman and philanthropist Femi Otedola, has committed over N15 billion ($9.7 million) to beef up its cybersecurity defenses in the first half of 2025.
The bold move underscores the group’s commitment to safeguarding customer assets amid rising cyberattacks targeting financial institutions across Nigeria. Olusegun Alebiosu, CEO of FirstHoldCo, revealed the extensive investment during a National Seminar on Banking and Allied Matters in Abuja. He confirmed that First Bank alone spent N3 billion ($780,000) in June, reinforcing what he described as Nigeria’s most advanced cybersecurity framework.
Customer trust anchored on robust cyber defenses
Alebiosu emphasized that First Bank customers are fully protected, assuring the public that “no customer would lose their money unjustly” under their watch. The CEO highlighted the bank’s zero-tolerance policy on fraud, promising full reimbursement for any unauthorized losses.
He also addressed delays in fraud resolution, citing the complexity of investigations involving multiple stakeholders, including security agencies and other banks. Alebiosu pointed out that customer negligence—such as sharing ATM cards or PINs—often complicates cases, underscoring the need for heightened personal vigilance.
Beyond external threats, FirstHoldCo is aggressively combating internal fraud. The bank deploys sophisticated employee monitoring software and enforces strict disciplinary measures, reportedly terminating numerous staff monthly for suspicious activities. “We must run faster than cybercriminals,” Alebiosu said, reaffirming the company’s proactive stance against all forms of fraud.
Femi Otedola’s vision propels FirstHoldCo’s growth
With a history that spans more than 130 years, FirstHoldCo has held its place as one of Nigeria’s most trusted and valuable financial institutions. Under Femi Otedola, the group is not only reinforcing its roots at home, but also quietly preparing for broader expansion across Africa. In 2024, it posted earnings of over $660 million—a strong performance in a year marked by economic uncertainty.
As chairman and the largest individual shareholder, Otedola has played a key role in steering the bank through this period of change. He has pushed for a deeper embrace of digital innovation and stronger internal efficiency. But his influence goes beyond banking. He also chairs Geregu Power Plc, a fast-rising player in Africa’s energy sector, underscoring his broader involvement in Nigeria’s economic growth.
Earlier this year, Otedola broke ground on First Bank’s new headquarters in Lagos’ Eko Atlantic City—an ambitious project that reflects the bank’s long-term vision. The event drew some of Nigeria’s most powerful figures, including Vice President Kashim Shettima and billionaire Aliko Dangote, showing just how closely business and national development are now intertwined.
