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First HoldCo Plc, the parent company of First Bank of Nigeria Limited and chaired by billionaire businessman Femi Otedola, has partnered with Microsoft Corporation to promote innovation in Nigeria and across Africa. The collaboration aims to use technology to support economic growth in a move to improve governance and advance sustainable development in the region.
The partnership was announced by Naim Yazbeck, president of Microsoft Middle East and Africa, who oversees the company’s product and service offerings in the region. Yazbeck highlighted that the collaboration is aimed at strengthening technology-driven solutions and creating opportunities for businesses and communities across Africa.
Partnership to boost African innovation
“The group will accelerate its innovation with this partnership and together we can support innovation across Nigeria and Africa,” Yazbeck said. “Olufemi’s philanthropy and impact across Nigeria and Africa make this partnership a bigger responsibility.” Yazbeck, who has over 25 years of experience in ICT, has led major digital transformations and strategic partnerships across the Middle East and Africa, helping the region grow as a hub for technology.
The deal follows Otedola’s recent visit to Microsoft’s Dubai office, where he and First HoldCo’s board met with Yazbeck to discuss strategic collaboration. The discussions centered on leveraging cloud and AI solutions to enhance financial services, technology access and innovation initiatives in Nigeria and Across the African continent.
First HoldCo sells FBNQuest stake
The announcement comes shortly after First HoldCo completed the sale of its entire stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.
The sale, which involved a consortium including Custodian Investments Plc, Aion Investments and Evercorp Industries, marked the conclusion of a years-long internal restructuring of First HoldCo’s investment banking and asset-management operations.
Femi Otedola, who became the largest shareholder in FBN Holdings, now First HoldCo in 2021 and was appointed chairman in January 2024, has steadily reshaped the group’s operations. His early moves included imposing strict cost controls, ending executive use of private jets and introducing measures to improve transparency and accountability.
