Recapitalization: Why First HoldCo profit crashed by 92 per cent — Chairman, Otedola

Why FirstBank wrote off N748bn bad loan – Otedola

Group Chairman of First Bank Holdings, Femi Otedola, has justified the company’s decision to write off N748bn in legacy non-performing loans, saying the move was a deliberate strategy aimed at securing long-term financial stability, even though it significantly reduced reported profits.

Recapitalization: Why First HoldCo profit crashed by 92 per cent — Chairman, Otedola

Nigerian billionaire and Chairman of First HoldCo, Femi Otedola, has explained why the firm’s profit crashed by 92 per cent in its 2025 financial year performance ahead of the 2026 Central Bank of Nigeria (CBN) recapitalisation deadline. In a statement on his X account on Saturday, Otedola said the company was affected by ₦748 billion in old bad loans. According to him, the firm took the decision to recognise the losses rather than pretend “they…

Otedola’s shareholding in First HoldCo rises to 18%

The billionaire tycoon’s direct shareholding in the entity stood at 7.3 per cent or 3.3 billion shares as of 31 December 2025, while his indirect interest came to 10.8 per cent or 4.8 billion shares. The post Otedola’s shareholding in First HoldCo rises to 18% appeared first on Premium Times Nigeria.

Otedola Explains 92% Profit Drop at First HoldCo After ₦748bn Bad Loan Cleanup - TV360 Nigeria

Otedola Explains 92% Profit Drop at First HoldCo After ₦748bn Bad Loan Cleanup. Chairman says one-time impairment was deliberate……

"We Decided To Clean House Properly" — Otedola Attributes First HoldCo's 92% Profit Decline To Deliberate N748bn One-Off Impairment On Legacy Bad Loans

Chairman of First HoldCo Plc, Femi Otedola, has attributed First HoldCo’s profit decline in 2025 to a deliberate N748 billion one-off impairment, taken to clean up legacy bad loans and strengthen the bank’s balance sheet. The clarification was made by Otedola in a statement shared on his X page. The explanation comes after the company’s 2025 financial results revealed a sharp drop in pre-tax profit, despite strong underlying interest income, pro…

First Bank Takes ₦748bn Hit To Clear Legacy Bad Loans, Says Otedola » News.ng

In a candid assessment of First Bank’s recent financial performance, prominent Nigerian businessman Femi Otedola has defended the banking group’s decision to take a one-time loss of ₦748 billion to address legacy bad loans—a move that resulted in profits plummeting by 92%. The former executive chairman of Geregu Power Plc, speaking about First HoldCo’s financial strategy, described the write-off as a necessary step toward long-term stability rat…