WorldStage– First Holdco Plc, Nigeria’s oldest bank, kept its leadership style as male dominance of its board strengthened to 88 percent in 2025, a failure to comply with the Central Bank of Nigeria inclusion regulation.
Kofo Dosekun was the only woman (an independent non-executive director) on the board last year, according to the commercial bank’s report on the Nigerian Code of Corporate Governance (NCCG) compliance. The figure represented 11.7 percent of the membership.
While the Financial Reporting Council of Nigeria that regulates corporate governance has no gender specification, the CBN recommends a minimum of 30 percent.
A five-year report analysis of First Hold co’s compliance with the NCCG revealed a weakening in women representation, from 28.5 percent in 2020 (Dosekun and three other women were on board then) to 9.1 percent a year letter.
The commercial bank, however, stated in one of its past compliance reports that diversity within the company stands out.
“Diversity is reflected not only in the gender mix, which aligns with CBN recommendations, but also through the Group’s variety of thought, experience, cultures, nationalities.”
The bank’s board membership figure has been oscillating between 9 and 13 since 2022. Dosekun remains the only woman on the board.
