Business
Otedola speaks on FirstHoldCo’s inclusion in FTSE Frontier 50 Index
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.
“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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A social media claim that OPay has stopped using customers’ phone numbers as account numbers and is now issuing standard bank account numbers has sparked confusion among users of the fintech platform.
The claim, which circulated among social media users, urged OPay customers still using their phone numbers as account numbers to visit OPay agents to have their accounts updated.
“OPay is no longer using phone numbers as account numbers. They’re now issuing standard account numbers, so if you’re still using your phone number as your OPay account number, hurry to an OPay agent to get yours updated,” an X user, Israel Gharee, posted.
However, an OPay official, who spoke on condition of anonymity, told PREMIUM TIMES that the claim is inaccurate, adding that the company would communicate any major changes to its customers through its official communication channels.
“I have seen the tweet. But even from the comments you will see people are already correcting him. If we have any update or news, we will always share through our communication channels,” the official said on Sunday.
Clarification
The official said the claim may have been prompted by OPay’s My BizPayment feature, which provides users with a separate account number for business transactions.
The feature is available to existing OPay users who want to use their accounts for business purposes. It allows users to provide information about their businesses and, after completing the process, receive a merchant account number.
The existence of the merchant account number does not mean OPay has replaced the phone-number-based account details used by its regular customers.
The business account number is associated with the user’s existing OPay account and is intended for business-related transactions.
BizPayment account
My BizPayment is a business feature within the OPay app, and it’s not a recent update.
Users can access it through the “Me” section of the app and provide information about their businesses, including the nature of the business and how it operates.
The process includes different business categories and operating models. Once the required information is provided, eligible users can proceed to generate a merchant account number.
ALSO READ: Eight years on, OPay keeps Nigerian businesses moving
The account number generated through this process may therefore look different from the phone-number format associated with a regular OPay account.
That distinction appears to be at the centre of the social media claim.
No instruction to change existing accounts
There is no indication from OPay that ordinary customers have been instructed to visit agents to replace their existing phone-number-based account details.
The company said any change to its account system would be communicated through its official channels.
The OPay official said the availability of a separate merchant account number through My BizPayment should not be interpreted as an announcement that OPay has discontinued the use of phone numbers for regular customer accounts.
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