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Otedola speaks on FirstHoldCo’s inclusion in FTSE Frontier 50 Index

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The Chairman of First HoldCo Plc, Femi Otedola, has described the company’s inclusion in the FTSE Frontier 50 Index as a “defining milestone” in the evolution of the financial services group.

FirstHoldCo is scheduled to join the FTSE Frontier 50 Index, a benchmark tracking leading and investable companies across frontier markets, effective 21 September 2026.

The inclusion places FirstHoldCo among six Nigerian companies represented in the index. It is expected to strengthen its visibility among global institutional investors seeking exposure to Nigeria and other frontier markets.

Mr Otedola, in a statement issued on Monday, said the development affirmed the transformation the company is undertaking and the confidence investors continue to place in the institution.

“Our inclusion in the FTSE Frontier 50 Index is a defining milestone in FirstHoldCo’s evolution.

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“It affirms the transformation we are driving, the confidence investors continue to place in our institution, and the strength of our governance and business model.

“We remain focused on building a stronger, more profitable and globally competitive financial services group, while delivering superior and sustainable value to shareholders,” he said.

The FTSE Frontier 50 Index comprises companies that meet stringent requirements relating to market capitalisation, liquidity, free float, governance and investability.

FirstHoldCo said its inclusion followed a period of strong market performance and sustained investor interest, supported by improved financial results, strategic execution, enhanced governance and its focus on long-term shareholder value.

The company said the development was more than an index listing, describing it as an independent recognition of its scale, governance standards, market depth and long-term value proposition.

It said the inclusion could also lead to deeper liquidity, increased participation by institutional investors and greater access to global capital.

Asset managers, exchange-traded funds, pension funds, and other investors that track frontier-market opportunities are expected to take a greater interest in the company as a result of its inclusion in the index.

The development comes after FirstHoldCo said it had met the Central Bank of Nigeria’s minimum capital requirement.

The group said it remained focused on strengthening its capital base, improving financial resilience and creating capacity for accelerated growth.

Its strengthened balance sheet, expanding shareholder base and focus on disciplined execution, it said, would enable it to compete at a greater scale across its businesses.

The Group Managing Director of FirstHoldCo, Wale Oyedeji, said the achievement reflected the commitment and execution of the company’s board, management and employees.

READ ALSO: FirstHoldco, Dangote, four other Nigerian companies admitted to FTSE’s 50 most liquid frontier market stocks

“This achievement reflects the discipline, commitment and execution focus of our Board, Management and employees.

“It validates the progress we have made in strengthening performance, enhancing operations and positioning FirstHoldCo for sustainable growth,” Mr Oyedeji said.

According to him, the inclusion would elevate the company’s visibility among global institutional investors and reinforce its ambition to become a leading African financial services provider.

FirstHoldCo said it would continue to invest in digital transformation, customer experience, innovation and responsible business practices while maintaining its focus on sustainable growth and stakeholder value.

The company also said its emphasis on environmental, social and governance principles, workplace excellence and operational efficiency would further strengthen institutional confidence in the group.

With global investors becoming increasingly selective in allocating capital to frontier markets, FirstHoldCo said its inclusion in the index represented a significant recognition of its fundamentals, governance credentials, liquidity and growth trajectory.


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Business

Passenger dies aboard Kenya Airways flight from Nairobi to Lagos

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A passenger has died aboard a Kenya Airways flight from Nairobi to Lagos after becoming unresponsive about 20 minutes before the aircraft landed at the Murtala Muhammed International Airport, Lagos.

Kenya Airways confirmed the incident in a statement on Wednesday, saying the medical emergency occurred at about 9:20 p.m. Nigerian time on Tuesday.

The airline said its crew administered first aid to the passenger in line with their training and followed emergency procedures before the aircraft landed at 9:41 p.m.

“Upon landing at Murtala Muhammed International Airport at 21:41 hrs, the aircraft was met by medical personnel, and upon further examination, the medical personnel confirmed that the passenger had passed away,” the airline said.

Kenya Airways expressed condolences to the passenger’s family and friends and said it was providing support in coordination with the family, local authorities and aviation regulators.

The airline did not disclose the identity of the passenger or the cause of death, saying it would respect the privacy and dignity of those involved.

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NCAA responds

Responding to the incident, Michael Achimugu, Director of Public Affairs and Consumer Protection at the Nigeria Civil Aviation Authority (NCAA), said the police have taken over the investigation.

Mr Achimugu said he was briefed by Kenya Airways’ country manager on Wednesday morning.

According to him, the passenger had reportedly been picked up in Madagascar after authorities there denied him entry and was being returned to Nigeria by Kenya Airways.

He said the airline was expected to return the passenger because it had transported him to Madagascar.

“The country manager said he was picked from Madagascar, after customs had earlier denied him entry into the country, and as expected, the airline that brought him into the country must take him back,” Mr Achimugu said.

He further said the passenger allegedly became restless and aggressive during the return flight, attempted to gain access to the cockpit and later tried to open the rear door of the aircraft.

He explained that the passenger was subsequently restrained by members of the crew.

“When he got into the aircraft, he became restless and aggressive inside the aircraft, wanted to enter the cockpit and later wanted to open the rear door, but was later tied down. His hands were tied to his back to ensure that he stopped the troubles,” he said.

Mr Achimugu said the passenger was pronounced dead after the aircraft arrived in Lagos.

“But when he got to Nigeria, he was declared dead on arrival. I don’t want to pre-empt the police investigation, but they have taken it over for now,” he said.

He added that the deceased’s family could request an autopsy as the investigation progresses.

Police begin investigation

The spokesperson for the Airport Command of the Nigeria Police Force, Muhammed Adeola, confirmed that an investigation had commenced.

Mr Adeola said the incident involved an “inadmissible passenger” and that complications reportedly developed during the return flight.

“Yes, it’s true, and investigations have commenced. It’s an issue of an inadmissible passenger, and the said complications arose on their way back,” he said.

He said the passenger became unable to breathe before medical personnel were alerted ahead of the aircraft’s arrival.

Mr Adeola said the police have taken statements from members of the flight crew, including the captain.

He added that the body had been deposited at a morgue in Ikeja.

Similar incident

The death is not the first reported case of a passenger dying aboard an international flight bound for Lagos.

In March 2019, a 54-year-old passenger aboard a Delta Air Lines flight from Atlanta, United States, to Lagos was found unresponsive shortly before the aircraft landed at the Murtala Muhammed International Airport.

The passenger was confirmed dead after the aircraft landed, with medical personnel meeting the flight at the airport.

Medical emergencies have also led to international flights returning to Lagos.

In September 2025, PREMIUM TIMES reported that a United Airlines flight from Lagos to Washington, D.C., returned to Lagos after a passenger suffered a medical emergency about 90 minutes into the journey. Medical personnel attended to the passenger after the aircraft landed.

Kenya Airways said it is providing the necessary support in coordination with the deceased passenger’s family, local authorities and aviation regulators.

The airline also apologised for any inconvenience the incident may have caused other passengers.


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LASG, FG Deepen Partnership to Enhance Power Supply

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The Lagos State Government and the Federal Government have strengthened their collaboration to improve electricity supply in Lagos.

The Governor of Lagos State, Mr. Babajide Sanwo-Olu and Minister of Power Mr. Joseph Tegbe, discussed their shared commitment to boosting electricity after the Ministerial Implementation Retreat with Federal Authorities on the Clean Lagos Electricity Market (CLEM), held at Lagos House, Marina, on Monday.

During the four-hour retreat, stakeholders including Governor Sanwo-Olu, Tegbe, and other top officials identified practical measures to tackle challenges within the power sector.

Speaking after the retreat, Governor Sanwo-Olu told journalists that the discussions were open and productive, offering a chance for participants to confront real sector issues and propose viable solutions.

He added that the main goal was to ensure that the benefits from the partnership reach electricity consumers and residents, emphasising the importance of turning the retreat’s resolutions into real results.

Sanwo-Olu stated that the initiative aligns with President Bola Tinubu’s vision of creating a more reliable and sustainable electricity supply nationwide, with Lagos playing a key role.

He also expressed satisfaction with the strong participation from key institutions, including the Transmission Company of Nigeria, Nigerian Electricity Regulatory Commission, Rural Electrification Agency, and other stakeholders.

Earlier, Tegbe stressed Lagos’s vital role in the nation’s power demand, and underlined that effective collaboration among federal and state bodies is crucial to expanding reliable power access.

He mentioned that a steering committee comprising relevant stakeholders will oversee the implementation process, ensuring that the retreat’s resolutions are translated into measurable actions.

Tegbe said the retreat aimed to go beyond mere discussion, establishing practical interventions that could lead to a more dependable electricity market in Lagos.

The focus of the retreat was on key areas such as the electricity market, regulatory framework, and technical and operational issues requiring immediate and long-term solutions.

The post LASG, FG Deepen Partnership to Enhance Power Supply appeared first on Business Today NG.

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