In a market disclosure dated 4 September, FTSE Russell noted that the inclusion of FirstHoldco and others will come into force on 21 September.
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.
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.
“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.
