First HoldCo Plc, the parent company of First Bank of Nigeria and chaired by billionaire investor Femi Otedola, has entered into a strategic partnership with Microsoft Corporation to expand digital innovation across Nigeria and the wider African continent.
The announcement was made by Naim Yazbeck, Microsoft’s president for the Middle East and Africa, following engagements with Otedola and the First HoldCo board in Dubai. The discussions centred on deepening the use of cloud technology and artificial intelligence to strengthen financial services and improve digital access for businesses and citizens.
Yazbeck said the partnership reflects a shared ambition to drive growth through technology at a time when African economies are seeking modernisation. He noted that the collaboration will support emerging local innovators and institutions looking to scale securely.
The initiative forms part of a broader transformation underway at First HoldCo since Otedola became the group’s largest shareholder in 2021 and later chairman in January 2024. Under his leadership, the organisation has undergone major restructuring, sharpened its governance standards and implemented strict cost discipline, including a clampdown on lavish executive spending.
The new partnership with Microsoft follows the recent sale of First HoldCo’s entire stake in FBNQuest Merchant Bank to EverQuest Acquisition LLP, a deal that concluded a prolonged reorganisation of the group’s investment banking and asset-management interests.
Industry observers say First HoldCo’s renewed strategic clarity has helped position the financial services group to invest more confidently in technology-led growth and wider regional competitiveness.
For Otedola — known both for his philanthropic ventures and his investments across energy, finance and infrastructure, aligning with Microsoft signals a notable step in shaping Africa’s future digital economy.
With the continent’s young population driving demand for smarter financial products and wider digital access, First HoldCo’s collaboration with a global technology leader could influence the pace of innovation in some of Africa’s most dynamic markets.
