…Profit Rises to N321bn; FY Revenue Tops N3.4tn
The Resilient Pivot: How FirstHoldCo Decoupled from the Past to Secure the Future
The story of FirstHoldCo Plc over the last fifteen months is one of calculated sacrifice followed by a swift, powerful resurgence. It is a narrative of a financial giant that chose to “reset” its foundation in 2025 to ensure its dominance in 2026.
2025: The Year of the Great Reset
For FirstHoldCo, 2024 was a year of massive paper profits, but 2025 was the year of transparency. Under the leadership of Group Managing Director Wale Oyedeji, the Group made a strategic decision to “clean house.”
While Gross Earnings climbed to a record ₦3.4 trillion (a 6.9% increase), the bottom line told a story of intentional de-risking. The Group recognized a staggering ₦826.3 billion in impairment charges—a 93.8% increase—to address legacy non-performing loans, particularly in the oil and gas sector.
This decisive action caused Profit After Tax to dip significantly to ₦139.5 billion. However, this wasn’t a sign of weakness, but of “comprehensive balance sheet de-risking.” By providing for these exposures, FirstHoldCo essentially cleared the deck, raising its NPL coverage ratio from a modest 54.8% to a robust 98.7%.
Q1 2026: The Rebound
The wisdom of the 2025 reset became immediately apparent in the first quarter of 2026. Having already accounted for its “legacy baggage,” the Group’s true earning power was finally unmasked.
- Explosive Growth: Gross earnings for Q1 2026 surged 26.8% to ₦942 billion.
- Profitability Surge: Profit Before Tax skyrocketed by 72.2% to ₦321.1 billion—one of the strongest quarterly results in Nigerian banking history.
- Operational Efficiency: The “Cost-to-Income” ratio, which had climbed during the 2025 reset, plummeted back down to 45.2%, signaling a leaner, more efficient machine.
The Two Engines of Growth
The Group’s success is built on two distinct pillars:
- The Commercial Banking Powerhouse: Contributing the lion’s share of revenue, the banking arm saw a 93.8% jump in non-interest income in early 2026, fueled by digital transformation and transactional fees.
- Investment Banking & Asset Management (IBAM): After a challenging 2025, the IBAM arm found its footing in Q1 2026, with gross earnings growing by 36.9%.
Strategic Foundations: Capital and Recovery
The story isn’t just about earnings; it’s about stability. FirstHoldCo has been aggressively shoring up its capital to meet the new ₦500 billion regulatory requirement. Through its ₦350 billion capital raise program, it has already secured ₦128.7 billion, boosting its total shareholders’ funds to ₦3.3 trillion.
Furthermore, the Group is no longer just lending; it is recovering. In Q1 2026 alone, it recovered ₦19 billion from delinquent borrowers, proving that its collateralized exposures—specifically those backed by oil reserves—are yielding tangible value.
”2025 was a defining year… characterized by a comprehensive reset. With a cleaner balance sheet and a defined capital pathway, FirstHoldCo is positioned to accelerate sustainable growth.”
— Wale Oyedeji, GMD
Looking Forward
FirstHoldCo enters the remainder of 2026 with a “cleaner” balance sheet, a rising return on equity (surging from 4.6% in 2025 to 31.6% in Q1 2026), and a clear mandate: to translate this massive scale into consistent shareholder returns. The giant has not just woken up; it has been rebuilt for the future.
