Chairman highlights transparency, accountability, and long-term value as key pillars of ongoing balance-sheet clean-up
Chairman of First HoldCo Plc, Femi Otedola, has acknowledged that the ongoing restructuring of FBN Holdings may lead to some short-term disruption but insisted the process is essential for strengthening the business and securing its future.
In a post on X on Tuesday, Otedola said rebuilding a long-established institution like FBN Holdings requires addressing areas that are not working and laying stronger foundations for sustainable growth.
“Rebuilding a long-established institution like FBN Holdings can bring some disruption, but it is part of strengthening the business,” he wrote. “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, stressing that his determination to continue investing in the group “remains firm.”
The comments come amid a major balance-sheet clean-up at First HoldCo, which recently reported a significant decline in profits after taking substantial hits to address legacy non-performing loans. On January 31, the chairman said the company took a major profit hit to clear N748 billion in bad loans.
He emphasised that the decision to tackle these loans was a deliberate long-term strategy, even though it led to a sharp fall in the company’s 2025 profit, underscoring the group’s commitment to financial resilience and future growth.
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