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First HoldCo’s Earnings Hit N3.4 Trillion Record Level

First HoldCo Plc. has announced its audited results for the financial year ended December 31, 2025, with gross earnings grew by 6.9% to ₦3.4 trillion, underpinned by strong net interest income growth of 36.8% and continued momentum in its digital and transactional franchises.

The Group Managing Director

of the holding company, Wale Oyedeji, while commenting on the results stated that:  “2025 was a defining year for FirstHoldCo, characterised by disciplined execution, resilient core earnings and a comprehensive reset of our balance sheet for sustainable performance and high-quality growth.

Importantly, we comprehensively de-risked the Group’s balance sheet by adequately providing for systemic impaired and non-performing exposures. This decisive action, aligned with the post-forbearance landscape, enhances transparency and positions the Group on a far stronger foundation for future growth, improved asset quality and higher-quality earnings.

We also strengthened our capital position through focused capital-raising initiatives to ensure FirstBank meets minimum regulatory capital requirements of N500 billion. Additionally, and under our ₦350 billion capital raise programme, we have successfully secured ₦128.7 billion to date. We remain firmly on track and continue to engage proactively with regulators and the market to deliver a further enhanced well-capitalised platform that can enhance growth and increase value creation.

The Group continues to demonstrate steadfast leadership in the industry-wide resolution of legacy delinquent borrower exposures. We have recorded notable progress in recoveries, particularly from upstream borrowers with significant oil reserve-backed collateral, reinforcing our commitment to disciplined risk management and balance sheet strength.

Alongside these actions, we continued to invest in governance, technology and inclusion—deepening customer engagement, expanding access, and strengthening execution across the Group.

Looking ahead, our priorities are unequivocal: improve earnings quality, drive efficiency, strengthen asset quality & Capital and scale our non-banking businesses—underpinned by rigorous risk and capital discipline. With a cleaner balance sheet and a defined capital pathway, FirstHoldCo is positioned to accelerate sustainable growth and translate performance into consistent shareholder returns. This is an enduring franchise, of scale, trust and systemic relevance, and we are firmly committed to compounding value and returning more to shareholders.”

Group financial review

In 2025, the Group demonstrated robust top-line performance, achieving a 6.9% year-on-year increase in gross earnings to ₦3.4 trillion. This growth was driven by strong core banking activities and a well-diversified income base.

Interest income increased by 24.9% to ₦3.0 trillion, attributable to proactive asset repricing and enhanced yields. Net interest income experienced substantial growth of 36.8%, reaching ₦1.9 trillion and resulting in a net interest margin of 11.1%. Non-interest income remained strong, with net fees and commission income rising by 20.2% to ₦294.5 billion, supported by greater digital transaction volumes, transfer and intermediation fees, and letter of credit commissions and fees. The Group’s earnings profile is sustained by a diversified and resilient income-generating model.

Operating expenses rose by 32.1% to ₦1.2 trillion, primarily due to inflationary trends and foreign exchange pressures. The increase was largely attributable to higher personnel costs, elevated regulatory fees, enhanced advertising and corporate promotion initiatives designed to drive business growth, strengthen global and enterprise-wide brand visibility, and boost customer engagement, along with greater administrative and miscellaneous charges. Consequently, the cost-to-income ratio climbed to 53.8%.

Profit before tax decreased by 70.5% to ₦235.0 billion, primarily as a result of a 93.8% rise in impairment charges and the normalisation of foreign exchange gains recorded in prior years. Despite these challenges, the Group demonstrated robust underlying performance, with normalised pre-provision profit rising by 36.6% to ₦1.07 trillion. This improvement underscores the Group’s fundamental earning strength and resilience.

Total assets grew 2.7% y-o-y to ₦27.3 trillion (Dec 2024: ₦26.5 trillion). This demonstrates an expansion in the asset position and interest earning asset as cash and balances with central Banks, loans to banks & customers and investment securities now constituting 89.8% of total assets versus 86.8% in the prior year.

Asset quality continues to be a primary area of focus for the Group. The non-performing loan (NPL) ratio rose to 12.0% (2024: 10.2%) due to a notable increase in impairment charges, largely attributable to significant industry-wide exposure within the oil and gas sector, consistent with similar treatments by other major syndicate banks. Notably, the underlying collateral values remain more than adequate to cover exposures, offering robust downside protection, while anticipated customer repayments are expected to contribute positively to profit recovery. The coverage ratio improved significantly to 98.7% (2024: 54.8%), reflecting enhanced balance sheet resilience. Overall, the Group is further reinforcing its credit risk management framework, intensifying recovery initiatives, and strategically repositioning the loan portfolio toward greater sustainability and resilience.

The Group upheld a solid and highly liquid balance sheet, as evidenced by a 10.0% rise in customer deposits to ₦18.9 trillion. This growth was bolstered by a high-quality CASA mix of 93.1%11, signalling ongoing customer trust and a stable funding platform. Meanwhile, loans and advances experienced a modest 2.3% increase, reaching ₦9.0 trillion, consistent with the Group’s prudent and disciplined approach to risk.

The Group enhanced its capital base, with share premium increasing significantly to ₦458.4 billion following a successful capital raise. Total shareholders’ funds also rose from ₦2.8 trillion to ₦3.3 trillion. Overall, the Group is making strong progress in rebuilding its capital, supported by sustained revenue growth, disciplined earnings retention, decisive capital raising efforts, and ongoing loan recoveries.

Business Groups:

Commercial Banking

Gross earnings of ₦3,355.4 billion up 8.1% y-o-y (Dec 2024: ₦3,104.5 billion)

Net interest income of ₦1,887.2 billion, up 36.1% y-o-y (Dec 2024: ₦1,386.6billion)

Non-interest income of ₦348.0 billion, down 49.0% y-o-y (Dec 2024: ₦682.7 billion)

Operating expenses of ₦1,205.6 billion, up 32.7% y-o-y (Dec 2024: ₦908.7 billion)

Profit before tax of ₦201.2 billion, down 72.1% y-o-y (Dec 2024: ₦720.8 billion)

Profit after tax of ₦129.3 billion, down 78.4% y-o-y (Dec 2024: ₦599.3 billion)

Total assets of ₦26.7 trillion, up 4.8% y-o-y (Dec 2024: ₦25.5 trillion)

Customers’ loans and advances (net) of ₦9.0 trillion, up 2.3% y-o-y (Dec 2024: ₦8.8 trillion)

Customers’ deposits of ₦18.9 trillion, up 10.0% y-o-y (Dec 2024: ₦17.2 trillion)

Investment Banking & Asset Management (IBAM)

Gross earnings of ₦72.8 billion, down 30.1% y-o-y (Dec 2024: ₦104.2 billion)

Profit before tax of ₦31.9 billion, down 43.6% y-o-y (Dec 2024: ₦56.5 billion)

Total assets of ₦535.3 billion, up 4.0% y-o-y (Dec 2024: ₦514.9 billion)

 

admin by — May 9, 2026 in Business 0
11 Plc Eyes Growth In Alternative Fuels To Drive Downstream Business

11 Plc is positioning itself for growth in alternative fuels, particularly compressed natural gas (CNG), as the downstream sector undergoes significant transformation.

It is also strengthening partnerships with domestic refiners and expanding its footprint in alternative fuels to drive sustainable growth

Chairman 11Plc , formerly  Mobil Oil Nigeria Plc, Ramesh Kansagra, disclosed this in his address to shareholders at the 47th Annual General Meeting, chaired on his behalf by Non-Executive Director, Alhaji Abdulkadir Aminu..

He hinted that the emergence of domestic refining capacity presents opportunities for efficiency and challenges associated with price volatility and margin compression.

He expressed the company’s  commitment to constructive engagement with the Dangote Refinery with a view to fostering a mutually beneficial and symbiotic relationship.

The  company’s priorities, he said,  include expanding its white oil station network, enhancing operational efficiency, and diversifying revenue streams.

“We are confident that these strategic pillars will enable us to navigate uncertainties while positioning the company for sustainable growth and long-term value creation,” he added.

He also revealed that 11 Plc is focusing on optimizing asset utilization and maintaining strong corporate governance and financial discipline expressing  optimistic about the long-term prospects of the industry, with the increasing availability of locally refined products expected to enhance supply security and reduce systemic inefficiencies.

” The company’s commitment to alternative fuels is driven by its vision to become a leading player in the energy sector. 11 Plc is leveraging its strong brand reputation and distribution network to drive growth in Compressed Natural Gas and other alternative fuels ” he asserted

He also highlighted the import of collaboration in driving growth in the energy sector. stressing  “We are committed to working with our partners and stakeholders to create a conducive business environment and drive sustainable growth,” .

He expressed optimism that the  company’s focus on alternative fuels is expected to contribute significantly to its growth in the coming years,  adding that 11 Plc is well-positioned to capitalize on the opportunities presented by the evolving downstream sector.

He noted:” The company’s strategic initiatives are designed to drive sustainable growth and long-term value creation. 11 Plc is confident that its focus on alternative fuels, operational efficiency, and customer satisfaction will enable it to navigate uncertainties and achieve its goals.”

He averred that 11 Plc’s focus on alternative fuels is a key component of its growth strategy  which  is expected to yield positive results in the coming years.

 

admin by — May 9, 2026 in Business 0
Governor Uzodimma reportedly removed as Progressive Governors’ Forum chairman

‎Imo State Governor, Senator Hope Uzodimma has reportedly been removed as Chairman of the Progressive Governors Forum (PGF).
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The development comes just hours after Uzodimma spoke on behalf of governors elected on the platform of the All Progressives Congress (APC) during the submission of President Bola Tinubu’s presidential nomination and expression of interest forms in Abuja on Thursday.
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‎Sources disclosed that the decision was reached during an extraordinary meeting of about 20 APC governors held Thursday night at the Ogun State Governor’s Lodge in Abuja.
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‎Governors from several states, including Ogun, Bayelsa, and Enugu, were reportedly in attendance at the high-level meeting. A new chairman of the forum is expected to be announced shortly.

Reacting to the development in a statement issued on Thursday night, the Director-general of Progressive Governors’ Forum, Folorunso Aluko, dismissed the report, describing it as false and misleading.

He added that governor Hope UzodiMma remains the chairman of the forum.

“No meeting of the forum was held at which any such decision was taken. The PGF Secretariat has no record of, and is not aware of,any resolution removing Senator Hope Uzodinma.

“The forum remains united, focused, and committed of the party’s faithful and the media are therefore advised to disregard the said report in it’s entirety,” he said.

admin by — May 8, 2026 in News 0
APC, Accord clash over alleged withholding of council funds

The campaign council of the governorship candidate of the All Progressives Congress, APC, in Osun State has accused Governor Ademola Adeleke of withholding critical documents required for the payment of local government workers’ salaries.

The allegation was made in a statement issued in Osogbo on Thursday by the Co-Chairman (Print), Media Committee of the AMBO Governorship Election Council, Kola Olabisi.

The council, which is backing APC candidate, Bola Oyebamiji, alleged that the governor’s actions had disrupted the smooth administration of local government affairs across the state.

It accused the governor of “personalising the local government administration,” stating that the situation had caused hardship and confusion among residents, particularly those dependent on local government salaries.

According to the statement, “It is astonishing that a governor could deliberately withdraw all the documents from the local government council areas that could enable the Court of Appeal-reinstated local government council chairmen and councillors to effectively fulfil the payment of salaries and allowances.”

The council added that the development had affected not only council workers but also auxiliary staff whose livelihoods depend on timely salary payments.

“It is worthwhile to pointedly tell Governor Adeleke that he could only run, but it would be pretty impossible for him to perpetually hide under the constitutional provision of the immunity clause,” the statement said.

The APC campaign council also questioned the rationale behind the alleged withholding of documents, describing the action as unacceptable and suggesting it could warrant serious constitutional consequences.

In response, the Osun State chapter of the Accord dismissed the allegations, describing them as unfounded and politically motivated.

The state chairman of the party, Victor Akande, said the claims were “a poorly scripted hogwash aimed at diverting public attention from monumental financial atrocities already perpetrated in the state local government system by APC political actors.”

Akande accused members of the APC of attempting to blackmail the Adeleke administration through what he described as “emotional propaganda and empty noise.”

He maintained that the people of the state deserved transparency, accountability and development, adding that any attempt to derail progress in the state would be firmly resisted.

admin by — May 8, 2026 in News 0
Nigerian passenger sues British Airways over alleged missing luggage

The Federal High Court in Abuja has fixed July 2 for continuation of hearing in a suit filed by a passenger, Mr Amechi Michael, against British Airways⁠ over alleged missing carry-on luggage.

At the resumed hearing of the matter, the plaintiff, Amechi Michael, was cross-examined by defence counsel, Mr John Godwin.

The plaintiff told the court during the cross examination that he reported the incident to the airline’s customer care service.

He said he was subsequently referred to the UK-based Centre for Effective Dispute Resolution (CEDR) for resolution.

He also told the court that the arbitrator issued an award in his favour in respect of the flight delay but did not address the issue of the missing carry-on luggage.

Amechi said that since he was dissatisfied with the arbitral decision, he rejected the award and approached the Federal High Court, Abuja, seeking redress over the alleged loss of the luggage.

He contended that British Airways owed him a duty of care to return the luggage and alleged that the airline’s staff acted negligently.

Counsel to the plaintiff, Barrister Abiola Olaitan subsequently informed the court of her intention to close her client’s case.

The judge, Justice Obiora Egwuatu thereafter adjourned the matter to July 2 for defence and continuation of trial.

The plaintiff instituted the suit marked FHC/ABJ/CS/1293/2025 against British Airways, seeking recovery of his carry-on luggage allegedly lost during a delayed boarding process.

He said this was after a cabin crew member requested that the luggage be handed over for safekeeping.

admin by — May 8, 2026 in News 0
You have to resign – Oshiomhole slams Akpabio over Senate standing orders

The Senator representing Edo North, Adams Oshiomhole, has demanded the resignation of Senate President Godswill Akpabio.

This comes amid tension over the recent amendment of the Senate Standing Orders governing the election of presiding and principal officers in the upper chamber.

Oshiomhole, speaking to reports in Abuja, described the amended rules as being rooted in what he called a “moral crisis”.

He claimed that Akpabio, under the new framework being debated, no longer meets the moral and procedural threshold to continue presiding over the chamber.

Oshiomhole said, “This rule has serious moral crisis.

“The senate president became minority leader on his first term. He is now the one presiding and asking us to change those rules even those who have done one term can’t even contest.

“As we speak today, the senate president has not done eight years in office even if you count the previous one plus the current one.

“So if we pass the rule that we must do eight consecutive years before you can become senate president, it means he has to leave by example by vacating because he is presiding without acquiring necessary qualifications.”

DAILY POST reported that the Nigerian Senate has withdrawn its amendment to the Senate Standing Orders. 

The reversal followed a motion sponsored by Senate Leader Opeyemi Bamidele and adopted under the supervision of Deputy Senate President Jubril Barau.

Under the previous rules, only senators who had served two terms were eligible to contest for principal offices, and one of the two terms had to be the immediate term preceding the nomination, effectively narrowing the field of contenders.

admin by — May 8, 2026 in News 0
Troops neutralize three terrorists, recover weapons in Zamfara

Three terrorists have been neutralized by troops of the Nigerian Army under Operation FANSAN YAMMA, while a cache of arms and ammunition were recovered during a fighting patrol in Zamfara state.

A report by the News Agency of Nigeria (NAN), on Thursday, in Abuja, explained that the troops conducted the fighting patrol in Birnin Magaji Local Government Area, covering Birnin Tsaba, Tsanu and Dumburum villages.

According to the report, contact was established with the terrorists at Dumburum village, explaining that during the encounter, troops neutralised three terrorists and recovered a cache of weapons and ammunition.

The report said, Items recovered include one AK-47 rifle, one SK-21 A1 machine gun, a locally fabricated handgun, six AK-47 magazines and one FN rifle magazine.

Also recovered, the report stated are 123 rounds of 7.62mm special ammunition, 179 rounds of 12.7 x 108mm ammunition on links, and 269 rounds of 7.62mm NATO ammunition.

Meanwhile no casualties were recorded among the troops during the operation.

admin by — May 8, 2026 in News 0
Senate amends Electoral Act to clarify jurisdiction in election disputes

The Senate on Thursday passed an amendment to the 2026 Electoral Act Bill, seeking to establish a clearer legal framework for the handling of pre-election disputes ahead of the next general elections.

The bill was passed during plenary following the presentation and consideration of a report by the Senate Committee on the Independent National Electoral Commission, chaired by Simon Lalong.

The proposed legislation amends Section 29 of the Electoral Act and introduces a new Section 29A aimed at addressing lingering jurisdictional disputes in the adjudication of pre-election matters.

Leading the debate on the report, Lalong said the amendment became necessary due to persistent legal and constitutional controversies surrounding the interpretation of pre-election cases by courts across the country.

“The legitimacy of candidates and the integrity of party primaries are foundational pillars of representative democracy.

“Where the legal framework regulating pre-election disputes is uncertain or conflicting, the entire electoral architecture becomes vulnerable to confusion, forum shopping, contradictory judgments, and unnecessary delays,” Lalong said.

He explained that despite the provisions of Section 285(14) of the 1999 Constitution defining pre-election matters, conflicting interpretations by courts had continued to create uncertainty in Nigeria’s electoral jurisprudence.

According to him, the situation had resulted in “conflicting decisions from courts of coordinate jurisdiction, abuse of judicial process, undue delay in the resolution of electoral disputes, and avoidable constitutional tension between courts.”

Under Clause 2 of the amendment, Section 29(5) of the principal Act is revised to allow an aspirant institute to bring an action either in the Federal Capital Territory or in the jurisdiction where the cause of action arose.

Lalong described the provision as “both practical and equitable,” noting that it would reduce hardship on litigants and improve access to justice.

The bill also introduces a new Section 29A, which provides a distinct hierarchy for the adjudication of pre-election matters.

Under the proposal, disputes relating to National Assembly, governorship and state Houses of Assembly elections would originate at the Federal High Court, with appeals proceeding to the Court of Appeal.

For presidential and vice-presidential elections, however, such matters would originate directly at the Court of Appeal exercising original jurisdiction, with appeals lying at the Supreme Court.

Lalong said the arrangement was designed to promote judicial efficiency and align with the constitutional importance of presidential elections.

“Presidential elections are national in character and constitutional significance.

“Given the sensitivity and urgency associated with such offices, vesting original jurisdiction in the Court of Appeal ensures expeditious determination by a superior court of record with nationwide competence and institutional capacity,” he said.

He added that assigning other pre-election matters to the Federal High Court would encourage specialisation and consistency because of the federal nature of electoral administration by the Independent National Electoral Commission.

The senator further said the amendment would curb the growing practice of litigants filing multiple suits in different courts in search of favourable rulings.

“By expressly providing that no court shall entertain pre-election matters except in accordance with the proposed Section 29A, this amendment introduces certainty and procedural discipline into electoral adjudication,” he stated.

According to him, the reform would create “a clear judicial pathway that will reduce delays and enhance judicial efficiency,” stressing that the amendment “is not merely procedural, it is institutional.”

He said, “The amendment strengthens electoral justice, deepens democratic accountability, and reinforces public confidence in our electoral process.”

Contributing to the debate, Tahir Monguno described the amendment as “apt and germane,” saying it would improve the management of electoral litigation nationwide.

Following the passage of the bill, Senate President Godswill Akpabio commended Lalong and members of the committee for their work.

Akpabio expressed optimism that President Bola Tinubu would assent to the bill, saying the amendment would “deepen democracy and governance in Nigeria.”

admin by — May 8, 2026 in News 0
Iran cuts oil output as storage nears capacity

INDIA-WAR-IRAN-US-ISRAEL-ECONOMY-OILThe United States and Iran are edging towards a temporary agreement to halt their war as Tehran grapples with an escalating oil storage crisis caused by stalled crude exports and falling production.

Sources and officials told Reuters on Thursday that both countries were working on a short-term memorandum aimed at stopping the fighting and stabilising shipping through the Strait of Hormuz, while leaving more contentious issues for future negotiations.

Iran’s foreign ministry spokesperson said Tehran had yet to reach a conclusion on the proposed framework, which centres on a temporary arrangement rather than a comprehensive peace deal.

According to Reuters, the proposed plan would unfold in three stages, including formally ending the war, resolving the crisis in the Strait of Hormuz and launching a 30-day negotiation window for broader talks.

“Our priority is that they announce a permanent end to war, and the rest of the issues could be thrashed out once they get back to direct talks,” a senior Pakistani official involved in mediation between the two sides told Reuters.

Pakistan’s foreign ministry spokesperson, Tahir Andrabi, also expressed optimism about ongoing mediation efforts. “A simple answer would be that we expect an agreement sooner rather than later,” Andrabi said during a briefing in Islamabad.

US President Donald Trump has repeatedly expressed optimism over the prospects of a breakthrough since the conflict began on February 28 following US-Israeli strikes on Iran.

Meanwhile, Iran has reportedly cut oil production by about 400,000 barrels per day as exports slow and storage facilities approach capacity.

According to Oilprice.com, US Energy Secretary Chris Wright said the reduction was linked to Iran’s inability to export crude due to a US naval blockade in the Gulf.

“It looks like they’ve likely already cut back their production, maybe by 400,000 barrels a day,” Wright said in an interview on Thursday.

He added, “They’ll likely continue to ramp down their production as their storage fills and their inability to export oil.”

According to shipping data cited in the report, only a handful of vessels carrying Iranian crude left the Gulf of Oman between April 13 and 25, representing a drop of more than 80 per cent from March export levels.

The report said tankers were backing up while onshore storage facilities continued to fill up, forcing production cuts as unsold crude accumulates.

Oil prices hovered around $98 to $100 a barrel on Thursday, sustaining Wednesday’s slump from about $108.

admin by — May 8, 2026 in Business 0
NGX market capitalisation drops to N153.86tn on selloffs

NGXThe Nigerian equities market retreated into negative territory on Thursday as a massive wave of sell-offs in large-cap stocks erased N1.922tn from the total market capitalisation. This downturn was primarily driven by investors rotating out of high-value industrial and consumer goods stocks to lock in profits, ending the session with the total market value at N153.859tn.

The benchmark All-Share Index declined by 2,994.90 points, representing a loss of 1.23 per cent to close at 239,734.61 points. The day’s performance was weighed down by significant price depreciation in blue-chip tickers, notably Dangote Cement, BUA Cement, Nestle Nigeria, Lafarge Africa, and Skyway Aviation Handling Company.

Despite the heavy blow to the overall value, market breadth remained broadly positive as 41 gainers outpaced 30 losers, suggesting that while the heavyweights retreated, mid- and small-cap stocks continued to find favour among retail investors.

Chemical and Allied Products and FTN Cocoa Processors emerged as the session’s top performers, both hitting the maximum daily gain of 9.99 per cent to close at N212.50 and N8.04, respectively. They were closely followed by Berger Paints, Meyer, and Zichis Agro Allied Industry, all recording a 9.97 per cent uptick.

 

On the flip side, University Press led the losers’ chart with a 10 per cent drop to close at N4.50, while Red Star Express followed with a decline of 9.59 per cent and Skyway Aviation Handling Company shed 8.63 per cent of its value.

Market activity saw a significant spike as the total volume of shares traded rose 29.34 per cent to 1.830 billion units, valued at N72.168bn across 81,131 deals. NEM Insurance dominated the activity chart, transacting 360.565 million shares worth N7.937bn. Other highly traded stocks during the session included Fortis Global Insurance, VFD Group, Access Holdings, and FCMB Group.

admin by — May 8, 2026 in Business 0