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 do not exist.” He further explained that the Central Bank of Nigeria, under Olayemi Cardoso, is “pushing banks to stop kicking problems down the road.” Otedola, who recently increased his stake in the firm to 18.12 per cent, said the company is “still strong.” He noted that First HoldCo recorded ₦2.96 trillion in interest income and ₦1.91 trillion in net interest income, which gave it the strength to undertake the clean-up and remain standing. He added that the firm would enter 2026 better and stronger ahead of the March 31 recapitalisat...