10 hours ago
2
Nigerian billionaire and chairman of First HoldCo, Femi Otedola, has vowed that that financial institution would bounce back from its current crisis.
He gave this assurance in a statement on his X account on Tuesday.
Recall that Otedola, barely two days ago, explained that the firm’s profit crashed by 92 percent in its 2025 financial year because it absorbed N748 billion in old bad loans.
He described the situation as a difficult but necessary phase in rebuilding the institution for long-term sustainability.
In a statement, Otedola said restructuring a financial giant like First HoldCo would inevitably come with disruptions, including both “pleasant and unpleasant surprises,” as the company works to dismantle weak structures and lay a stronger foundation.
According to him, the current phase involves pulling apart old systems and removing faulty foundations in order to build a new and improved experience for all stakeholders.
“This is our current reality at FirstHoldco Plc, but surely a new beginning here for all of us,” Otedola stated.
He stressed that the ongoing reforms are aimed at guaranteeing corporate sustainability and longevity, driven by what he described as a strong sense of purpose and a clear vision for the future of the institution.
Otedola added that the transformation of First HoldCo would be anchored on core principles of transparency, accountability, and the creation of long-term value for all stakeholders.
Reaffirming his personal commitment, the billionaire investor said he remains focused on building a world-class financial institution without distractions, while pledging to continue investing both financially and otherwise to see the process through.
“I remain grounded in our pursuit to build a world-class financial institution without distractions, whilst my commitment to continue to invest my all remains unflinching,” he said.
N748bn bad loans: First HoldCo will bounce back – Otedola vows amid crisis
