KEY POINTS
- First HoldCo Microsoft partnership targets innovation growth.
- Collaboration focuses on cloud and AI expansion.
- Otedola continues restructuring First HoldCo operations.
First HoldCo Plc, parent company of First Bank of Nigeria Limited and chaired by billionaire Femi Otedola, has entered a strategic partnership with Microsoft to advance innovation across Nigeria and Africa.
The goal is to use technology to support economic growth, improve governance and deepen sustainable development in key sectors.
The collaboration was announced by Naim Yazbeck, president of Microsoft Middle East and Africa, who leads the company’s technology operations across the region. Yazbeck further said the First HoldCo Microsoft partnership will strengthen technology-driven solutions and open new opportunities for communities and businesses on the continent.
He emphasized the scale of responsibility tied to the effort, noting Otedola’s philanthropic footprint across Africa. Yazbeck, with more than 25 years in ICT, has overseen major digital-transformation programs across the Middle East and Africa and continues to drive partnerships shaping the region’s technology hub status.
First HoldCo Microsoft partnership follows board visit to Dubai
The agreement follows Otedola’s recent visit to Microsoft’s Dubai office, where he and First HoldCo’s board met with Yazbeck to discuss cloud and AI opportunities. Talks focused on improving financial services, expanding technology access and also accelerating innovation programs across African markets.
The announcement comes shortly after First HoldCo completed the sale of its stake in FBNQuest Merchant Bank to EverQuest Acquisition LLP. Custodian Investments, Aion Investments, and Evercorp Industries were all part of the agreement. It marked the end of a long process of reorganizing its investment-banking and asset-management operations.
According to Billionaires Africa, Otedola has been changing the group since he became First HoldCo’s biggest shareholder in 2021 and chairman in January 2024. He has also put stringent limits on costs, stopped CEOs from using private aircraft, and made sure that everyone in the organization is open and accountable.
