FBN Holdco ongoing restructuring may cause disruption, says Femi Otedola
Chairman of First HoldCo Plc, Femi Otedola has expressed that the ongoing restructuring of the oldest financial institution in Nigeria may come with some disruption but is necessary to strengthen the business and secure its future.
First HoldCo in its 2025 financial results, reported a gross earnings of N3.4 trillion. Despite a 4.8per cent year-on-year increase, profitability was significantly impacted by a record impairment charge of N748 billion, which accounted for 92per cent of the profit. The company’s profit before tax (PBT) decreased to N229.1 billion, while profit after tax (PAT) stood at N45.0 billion.
In a post on X on Tuesday, Otedola said rebuilding a long-established institution like FBN Holdings requires fixing what is not working and laying stronger foundations for long-term growth.
“Rebuilding a long established institution like FBN Holdings can bring some disruption, but it is part of strengthening the business,” he posted.
“We are fixing what is not working and laying stronger foundations for the future. This is a new chapter anchored on transparency, accountability, sustainability, and long-term value.”
Otedola added that he remains fully committed to building a world-class financial institution, noting that his resolve to continue investing in the group “remains firm”.
The billionaire’s comments come amid significant balance-sheet clean-up efforts at First HoldCo, which recently reported a major profit decline after taking a substantial hit to address legacy non-performing loans.
On January 31, Otedola said the company took a major profit hit to clean up its N748 billion in bad loans.
The chairman said the decision to clean up the loans was a serious long-term move, even though it caused a sharp fall in the company’s 2025 profit.
