First Ally at 10

Welcome to First Ally Capital’s 10th Anniversary celebration!

A decade ago, we embarked on a journey with a clear vision: to become a partner of choice, providing innovative financing solutions and enabling growth. Today, we are proud to celebrate ten years of excellence, innovation, and unwavering commitment to our clients and stakeholders.

This milestone is not just a testament to our success but a reflection of the trust you have placed in us. As we look back on our achievements and forward to a future filled with promise, we invite you to join us in commemorating this special occasion.

Thank you for being a part of our journey.

From our humble beginnings in 2014 as a passionate four-person team operating from a modest office, First Ally Capital has evolved into a diversified financial services powerhouse. Over the past decade, we’ve expanded our services, established key subsidiaries like First Ally Asset Management, First Ally Trust Microfinance Bank, First Ally Properties Limited, and launched innovative platforms such as MyInvestar. Through strategic partnerships and a commitment to excellence, we’ve strengthened our presence, opened our Abuja branch, and significantly grown our shareholders’ funds. As we enter a new chapter with the launch of First Ally Advisory Limited and First Ally Trustees Limited, we remain dedicated to our mission of creating opportunities that foster growth and are excited to push the boundaries of innovation to serve you better.

Experience our story through the key milestones that have shaped First Ally Capital over the past ten years. Each milestone is a testament to our commitment to innovation, growth, and excellence.

When, in 2014, the Co-founder and Group Managing Director of First Ally Capital ("First Ally"), Ebenezer Olufowose, approached me, accompanied by his other co-founder, to ask if I would serve as the Chairman of the newly formed investment banking firm, I did not hesitate in accepting. In fact, I was greatly delighted by the invitation, and my reason was simple. I had once, long before that, worked together with Ebenezer, and by 2014, known him and followed his professional career and personal development for over twenty-five years; and he stood out among the finest, most competent, trustworthy and yet humble people I ever had the privilege of being associated with. Throughout our professional collaborations, he consistently demonstrated the highest level of integrity and professional excellence. The experience from these collaborations was rich and rewarding, so I embraced the opportunity to rekindle a closer working relationship and to support him in realising the lofty dreams for First Ally.

Not surprisingly, my association with First Ally also brought me into contact with other remarkable individuals - the shareholders and directors of the company, who are all themselves, professionals with impressive track records in their respective fields. Equally impressive are the young, energetic, and committed staff of the company, driven to make lasting impacts in their careers. Together as a team, we have built the business on solid foundations, capable of withstanding all future challenges.

It is with immense pride therefore that I reflect on our first ten years of operation. The Group Managing Director’s report has already captured many of the highlights of our journey. What began as an issuing house and advisory firm licensed by the Securities & Exchange Commission (SEC) in 2014, has now grown into a financial holding company with subsidiaries in investment banking, asset management, real estate, investment & securities, micro & digital finance, and trustee businesses. We operate from our head office building on Ajose Adeogun Street in the heart of Victoria Island, Lagos.

On the operational front, First Ally continues to handle landmark investment banking transactions and our assets under management have grown to N110.3 billion as at June 2024. By embracing partnerships, we have positioned ourselves to be at the forefront of digital lending. In real estate, we have commenced work on what will be an interesting roll-out of First Ally residences across major cities of Nigeria. We have also grown our shareholders’ funds from N1.6billion in our first year of operation to N15.9 billion as of June 2024.

First Ally at 10

The theme of our 10th anniversary "Your Trusted Ally: A Decade of Innovation and Value Creation" reflects our dedication to excellence and the trusted relationships we have built over the years. As we commemorate this milestone, we take the opportunity to reflect on our journey and celebrate with our stakeholders.

To mark this occasion, we have planned a series of events, including a thanksgiving service, the dedication and official opening of the Abuja office of First Ally Asset Management and a team retreat & strategy session to chart the course for the next decade. The events will end with a gala dinner, a grand celebration with our clients, partners and stakeholders.

Conclusion

With a decade of experience and a proven track record, First Ally is well-positioned to face the challenges of the future. Our culture remains deeply rooted in our core values of trust, integrity, client-focus, teamwork, innovation, and professionalism. We have a clear vision for the future, backed by a strong strategic plan and a talented team.

I would like to thank our shareholders, directors, management, staff, regulators and other stakeholders for their unwavering support over the past ten years.

We are excited about the bright future ahead of us and remain committed to driving innovation and creating value for many years to come.

Thank you for your trust and confidence in First Ally Capital. Together, we will continue to build on our successes and reach even greater heights.

Olufemi A. Akinsanya

Group Chairman

Reliving the Journey

Experience the story of First Ally Capital like never before.

"First Ally: A Decade of Innovation and Value Creation" is a captivating documentary that takes you through our ten-year journey. From our humble beginnings to our present-day accomplishments, witness the milestones, challenges, and triumphs that have shaped who we are today.

What to Expect:

Exclusive Interviews: Hear from our founders, executives, employees, and partners as they share personal insights and experiences.

Behind-the-Scenes Footage: Get a glimpse of our day-to-day operations, corporate culture, and the teamwork that drives our success.

Key Milestones: Relive significant moments, including our first office, major partnerships, and the launch of innovative services like MyInvestar.

Vision for the Future: Learn about our strategic plans and how we aim to continue delivering value and innovation in the years to come.

Watch the Documentary Below

Introduction

How fast time flies!

It seems like only yesterday, and here we are celebrating ten years of service, ten years of innovation and professionalism, ten years of excellence and value creation, ten years of fun!

2024 marks a significant milestone in the life of First Ally Capital Limited (“First Ally”), a Nigerian investment banking and financial services firm founded in 2014 and licensed by the Securities & Exchange Commission (“SEC”). It is my pleasure to share our story over this first decade, a story that we are proud of, and on the back of which we shall build a world-class organisation.

First Ally in Formation

The path to our journey began in 2013 when the idea of forming an innovative financial services company was conceived. Having been involved in originating and executing several landmark capital market transactions across leading international and Nigerian banks, it was clear to me that the time had come to establish a firm that would distinguish itself in the Nigerian financial services industry. At that time, I was Executive Director, Investment Banking at Access Bank. Coincidentally, Obeahon Ohiwerei, also then the Executive Director in charge of Access Bank's Commercial Banking, was also envisioning a similar move. It was therefore easy for us to agree to work together to promote a new entity, one that could evolve into a merchant or regional bank in the future.

I disengaged first, and Obeahon joined me six months after. The disengagement from Access Bank was not without some drama, but the friendship and camaraderie that we had formed with the leadership of the bank over many years, led us to agree very quickly that we could always work together, from within or from outside. And they kept their words!

The first step was the process of identifying and selecting our shareholders. We settled for outstanding individuals, very well known to us, and who had distinguished themselves in their chosen fields ranging from banking and insurance to oil & gas and agriculture. Next, we carefully chose our directors, selecting the best-in-class, led by Mr. Olufemi A. Akinsanya, a distinguished accountant and investment banker.

In May 2014, First Ally was incorporated as an issuing house and financial advisory firm, duly registered and licensed by SEC.

Commencement of Business

With a four-man team, including Obeahon and I, we commenced business immediately after incorporation, from a two-bedroom basement flat at Oniru, Victoria Island, Lagos. Within our first full year of operation, we had applied for, and obtained a SEC license for an asset management business - First Ally Asset Management (“FAAM”).

Following business expansion, we moved to a bigger office space at Architects’ Place, Idowu Taylor Street, Victoria Island, Lagos in 2015.

With an eye on a future banking license, we acquired Personal Trust Savings & Loans in November 2014 and swiftly converted it to a state microfinance bank under a new name, Personal Trust Microfinance Bank Limited (PTMFB). As part of this anniversary celebration, we shall be unveiling its new name – First Ally Trust Microfinance Bank Limited (“First Ally MFB”).

The rapid growth of our business led us to acquire a befitting property at Plot 287, Ajose Adeogun Street, Victoria Island, Lagos which now serves as our corporate headquarters. This property is adorned with stunning contemporary artworks on loan from the Femi Akinsanya Art Collection. These great works from both emerging and established Nigerian and African artists not only beautify our space but also inspire our drive for innovation and excellence, making First Ally the best place for smart, inquisitive, and ambitious people to thrive.

Naturally, following the acquisition of the Ajose Adeogun property and another property at Jibowu, Lagos to house our microfinance bank, we established First Ally Properties Limited (“FAPL”) - a residential and commercial real estate investment and development company. The company also provides facilities management services to First Ally and select clientele.

In the current year, we restructured First Ally by transferring its issuing house license to a newly formed subsidiary – First Ally Advisories Limited ("FAAL"). We also established First Ally Trustees Limited ("FATL"), a company that will enable us to provide more comprehensive services to our clients. First Ally now operates as a holding company with subsidiaries in corporate and investment banking, asset management, micro & digital finance, investment & securities, and real estate, employing over 150 staff and operating from Lagos and Abuja.

Partnerships & Collaboration

At First Ally, collaboration is a key driver of our strategic growth and operational efficiency. By forging meaningful partnerships with industry leaders across various sectors, we are able to optimise our performance and expand our reach. These alliances have not only enhanced our service offerings but also facilitated value creation for our clients whilst promoting broader economic growth. These partnerships include:  

Migo (Formerly Mines.io)

Perhaps our most notable partnership was formed with Migo, a Nigerian fintech company specialising in digital credit solutions. In 2015, First Ally provided seed capital to support Migo’s startup operations in Nigeria. This early investment enabled the development of their innovative platform, which leverages artificial intelligence to offer credit services to underbanked consumers. Through First Ally MFB, we utilise Migo’s platform to provide digital micro credit solutions to a wider segment of the Nigerian population. 

Commonwealth Enterprise and Investment Council (CWEIC)

In early 2024, First Ally was admitted as a Strategic Partner of the Commonwealth Enterprise and Investment Council (CWEIC). This partnership provides us with a global platform to engage with key business leaders and government officials across the Commonwealth, promoting trade and investment opportunities. Through CWEIC’s extensive network, we can collaborate on international projects and initiatives that align with our long-term growth objectives. This strategic partnership prepares us for our planned global expansion, aiding our positioning as a key player in fostering economic growth across diverse markets. 

EnterpriseNGR

Our partnership with EnterpriseNGR highlights our commitment to supporting the financial and professional services sector in Nigeria. Since joining EnterpriseNGR as a member in 2022, we have actively participated in shaping policy developments and advancing sectoral initiatives.

Our involvement in programmes such as the Youth of Enterprise Internship and LEAD-P has further solidified our role in workforce development and capacity building. By sponsoring key events like the Quarterly Members’ Night, we not only gain valuable brand exposure but also contribute to shaping the future of Nigeria’s financial landscape. 

Nigerian-British Chamber of Commerce (NBCC)

In early 2023, First Ally became a member of the Nigerian-British Chamber of Commerce (“NBCC”). This partnership allows us to tap into a vast network of businesses and professionals dedicated to promoting bilateral trade between Nigeria and the United Kingdom.

By participating in NBCC’s events and initiatives, we are well-positioned to explore new market opportunities, build cross-border relationships, and enhance our brand visibility on the international stage. This membership aligns with our strategic objectives of global expansion and cross-border economic collaboration. 

These partnerships are a testament to First Ally’s commitment to leveraging collaborative efforts for innovation and growth. By aligning ourselves with forward-thinking organisations, we can create value, expand our market reach, and contribute positively to the financial services sector, both in Nigeria and globally.

Operational and Financial Performance

We commenced operations at a very significant point in the evolution of the Nigerian financial services industry, leveraging the excellent track records and credentials of our directors, shareholders and staff. As a dynamic organisation, First Ally taps into the strong financial services background of its promoters, the professional experience and exposure of its robust team, its state-of-the-art technology and the passion for creativity and innovation, to make impacts while consistently creating and delivering value to its stakeholders. The team behind First Ally has been involved in several landmark transactions ranging from equity and bond issuances, through mergers and acquisitions to corporate and project advisory services

Our first few years of operations were devoted to building a solid foundation for sustained growth. We focused on our core competences, providing innovative tailor-made, corporate finance and investment banking solutions to our clients whilst making strategic investments in complementary businesses. These include asset management, real estate and microfinance banking. Through partnership, we expanded our inclusive banking business to the provision of nano loans. In the current year, we established a trustee business licensed by the SEC.

We are proud of our successes in the advisory business, having led several landmark M&A transactions and provided capital restructuring, divestment and capital raising solutions to a select clientele in the course of our first ten years of operation. Our investment banking clients include first-tier Nigerian banks, pension fund administrators and manufacturing companies.

Our asset management business is fast becoming a reference point in the industry. Duly registered by the SEC with a current rating of A- by Agusto & Co., First Ally Asset Management provides wealth and fund management services. It is known for its focus on innovation, integrity, and professionalism and seeks to provide creative solutions tailored to client investment appetites.

We are carefully building a financial supermarket, leveraging cutting-edge technologies and the experience of our team. Transparency, accountability and accessibility are our guiding principles, and we pride ourselves in our commitment to completing our clients’ transactions expeditiously and with integrity.

In terms of financial performance, the company’s gross earnings grew from N256 million in 2015, its first full year of operation, to N7.4 billion in 2023. Profit before tax grew progressively from a negative position of N7 million in 2015 to N3.64 billion in 2023. Shareholders’ funds grew from N1.6 billion at inception, to N15.9 billion as at half year 2024. Noteworthy is the fact that the company has consistently paid dividends to its shareholders since 2019.

Looking into the Future

In 2014 we defined the elements of our corporate philosophy as follows:

Our Vision: To become a partner of choice, providing innovative financing solutions and enabling growth.

Our Mission: Creating opportunities that foster growth.

Our Core Values: Trust, Integrity, Client Focus, Teamwork, Innovation & Professionalism.

At our recent strategy retreat, these elements were put to the test, and we found them to be as valid now as they were when they were first crafted. They will remain our guiding principles over the next decade.

As we look forward to the future, our focus is clear: to enhance our market position and expand our influence across the financial services landscape in Nigeria and beyond.

Innovation will remain the cornerstone of our strategy, driving us to harness cutting-edge technologies to transform our operations and services, while continuing to tailor our value propositions to meet evolving client needs.

Attracting and retaining top talent is vital to our success. We are committed to efficient recruitment, continuous learning, and professional development to ensure our team remains at the forefront of industry trends and best practices. Our talent management and succession planning frameworks will ensure a steady pipeline of professionals, equipped to lead as the company grows.

Conclusion

As we reflect on our journey, we take pride in our achievements while looking forward to a brighter, more remarkable future. I thank our shareholders for their implicit trust in us, our directors for their guidance and support, and our staff for their loyalty and commitment. Our appreciation goes to our regulators - the SEC and the Central Bank of Nigeria - for the regulatory oversight provided, which has helped us to aspire to higher and higher standards and to strengthen our brand.

We are grateful to our clients for entrusting their businesses and transactions to us. We shall continue to give you our best attention at all times.

Finally, we must honour a great ally of our firm, Dr. Herbert Wigwe, the former Group Managing Director of Access Holdings PLC, who passed on to glory earlier this year with his wife Doreen Chizoba, and son Chizi . Herbert’s unwavering support for our business and the support of the entire Access family are deeply appreciated and will never be forgotten.

As we celebrate this tenth-year anniversary, we pray that the souls of Herbert, Chizoba, Chizi and all those who died in that ill-fated accident, continue to rest in peace, Amen.

Ebenezer Olufowose

Group Managing Director/CEO