“We are stronger, more focused, and ready for the future”

An Exclusive Interview with Ukandu E Ukandu, Managing Director, FirstCap Limited

Following the recent news of the divestment by First HoldCo Plc (FirstHoldCo), Ukandu E Ukandu, Managing Director of FirstCap Limited, addresses the public, outlines the company’s strategic direction, and reaffirms FirstCap’s commitment to excellence in Nigeria’s competitive financial services landscape.

Q: Thank you for speaking with us today. The news of the divestment from FirstHoldCo has generated significant market interest. Could you help our readers understand what this means for FirstCap? Ukandu: Thank you for having me. I am pleased to have this opportunity to address our clients, partners, and stakeholders directly. FirstCap is now the investment banking arm of the Group, with a clearer mandate, enhanced visibility and a stronger focus on advisory-driven growth in corporate finance and capital markets. The divestment did not catch us unawares. We had over one year to prepare for the divestment. FirstCap has put a lot of things in place since then, for example, we have operationalised new business verticals, improved synergy across banks and non-banking subsidiaries, expanding our footprint in Africa and so many other things that are currently ongoing. We deliver strategic financial solutions that drive growth, resilience, and long-term value. As a trusted investment banking partner, we specialize in mergers and acquisitions, capital raising, and advisory services tailored to the unique needs of corporations, institutions, and entrepreneurs.

Q: Should clients be worried about any potential disruption? Ukandu: No, service continuity is assured. FirstCap continues to operate as the Group’s investmentbanking arm with its own systems, processes, teams, and client relationships. The relationship managers and risk and operations professionals our clients rely on remain exactly where they’ve always been, focused on delivering the same daytoday experience without interruption. Equally important, FirstCap is backed by the full strength of the FirstHoldCo brand and ecosystem; a diversified financialservices group designed to serve clients across commercial banking and nonbanking services through an integrated model. That groupwide depth and reach mean clients benefit from robust governance, balancesheet confidence, and seamless access to complementary solutions across the portfolio whenever they need them. Finally, this transition has been deliberate and wellprepared. We have executed a structured plan to ensure continuity, aligning closely with regulatory guidelines and our internal risk standards. Client confidentiality and transactions remain protected and unaffected, and services across FirstCap and the wider Group continue uninterrupted.

Q: Can you elaborate on what set FirstCap apart? Ukandu: Absolutely. FirstCap has always taken pride in being nimble, innovative, and highly client-focused. We have built our reputation on understanding each client’s unique needs and creating tailored solutions. Our decision-making processes are streamlined, enabling us to respond swiftly to market opportunities and client demands.

We have also heavily invested in specific areas of expertise—such as mid-market corporate finance, specialized sector coverage in technology and consumer goods, and alternative investment solutions, where we have developed deep capabilities and leading market positions.

We empower our teams to think innovatively, challenge conventional methods, and focus on client success. This culture has attracted exceptional talent and fostered an environment where people are enthusiastic to come to work and solve complex problems.

These differentiators have not changed with the divestment. If anything, they are now better, as we have even greater clarity of purpose and strategic focus.

Q: Let’s discuss strategic focus. How does this divestment influence FirstCap’s strategic direction? Ukandu: The divestment significantly enhances our strategic clarity. We now have a better opportunity to be intentional about where we compete and how we succeed. Moving forward, our strategic priorities will be based on these pillars: We aim to deepen client relationships. We want to shift from transactional interactions to becoming true strategic partners with our clients. This involves gaining a comprehensive understanding of their businesses, anticipating their needs, and offering proactive solutions. Additionally, we are selectively targeting market leadership. Instead of trying to cater to everyone, we will focus on specific segments and products where we can truly excel. We plan to invest in areas where we have competitive advantages and can provide exceptional value. Finally, we are committed to fostering innovation and digital transformation. The financial services landscape is rapidly evolving, and we intend to stay ahead of the curve. We are investing in technology, digital transformation, and other strategic initiatives to enhance both our operational efficiency and client experience.

Q: How should clients view their relationship with FirstCap moving forward? Ukandu: This is a fair question, and I want to respond thoughtfully. What I would like to tell clients is this: you now have a strong and reliable partner backed by the FirstHoldCo Heritage, Franchise strength, market reach, collaboration and various financial offerings with other subsidiaries across the group. What I can promise is that FirstCap will compete vigorously for every client relationship based on the quality of our advice, the innovation of our solutions, and the excellence of our execution. We will not take any relationship for granted, and we will work every day to earn our clients’ trust and business.

Q: Let’s address the elephant in the room. Some clients might be concerned about FirstCap’s financial strength and stability following this divestment. How do you respond? Ukandu: I am glad you asked about this, as it’s an area where we have a compelling story to share. FirstCap’s financial position is strong. We have the resources necessary to support our clients’ needs and our growth ambitions. We have always operated with financial independence, and our capital structure is designed to support our business model. Additionally, all our regulatory licenses are in good standing, and we continuously meet all compliance requirements.

I would also like to highlight our track record. As FirstCap, we have successfully advised on and completed several transactions in Nigeria, significantly contributing to the growth of the country’s capital market. With deep industry expertise and a commitment to excellence, our team has successfully guided clients through complex transactions across sectors, including energy, technology, healthcare, and financial services. Whether you are preparing for an IPO, restructuring your business, or seeking strategic investment, we bring clarity, precision, and results.

Q: What about your team? Have there been any changes to key personnel, and how is morale? Ukandu: Our team is our greatest asset, and I am pleased to report that we have complete stability in our leadership and client-facing and operational roles.

In fact, morale is excellent. There is a palpable sense of energy and optimism within the organization. Our people see this as an opportunity to write the next chapter of FirstCap’s story, to build on our strengths, and to create something even more special.

We have also been transparent with all employees within FirstCap throughout this process, keeping them informed and engaged. They understand the strategic rationale, they are pleased with the new direction, and they are ready to support our clients.

Q: Looking ahead, what are your priorities for the next 12-24 months? Ukandu: We have a clear roadmap for the near and medium term, centered around several key priorities. First and foremost, client engagement is our top priority. We are committed to reaffirming our dedication to our clients. We want every client to know that they matter to us and that we are invested in their success.

Operational excellence is also a priority. We will continue to conduct comprehensive reviews of all our processes to identify opportunities for improvement. We will continually ask ourselves: Where can we be faster? Where can we be more efficient? Where can we enhance quality? Strategic growth is another key focus. We are actively pursuing opportunities to expand our capabilities in targeted areas, both locally and internationally. We remain disciplined and strategic, while also being ambitious. Lastly, talent development is a priority for us. We are investing in our people through training, technology, and career development opportunities. Our goal is for FirstCap to be the employer of choice for the best talent in the financial services industry.

Q: If you could leave our readers with one key message, what would it be? Ukandu: At FirstCap, integrity and creativity are at the heart of everything we do. We craft funding strategies that are responsive to the constantly shifting market landscape, ensuring our clients’ long-term success. Our financing models are designed not just to meet aspirations but to help elevate them.

We possess a clear purpose, firm conviction, and the necessary resources to compete effectively and thrive within Nigeria’s vibrant financial sector.

We have partnered with various clients on major land breaking transactions. To our existing clients, I sincerely thank you for your trust and partnership. Your confidence means everything to us, and we are dedicated to maintaining stability, continuity, and excellence every day.

For those who are considering working with us, I want to emphasize that FirstCap brings a compelling combination of deep expertise, innovative solutions, and personalized service. Our proven track record demonstrates our commitment, and we are eager to show what we can do.

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