Nigerian billionaire Femi Otedola’s First HoldCo hits $303m profit in 9 months

Despite the dip in profits, the group, the parent company of FirstBank of Nigeria and other subsidiaries, recorded robust growth in revenue and core operations, showcasing resilience in an increasingly challenging economic environment.

According to the group’s unaudited financials filed with the Nigerian Exchange Limited, gross earnings climbed by 17.1 per cent year-on-year to ₦2.63 trillion ($1.77 billion), driven by a surge in interest income, which grew by 40.4 per cent to ₦2.29 trillion ($1.54 billion) from ₦1.63 trillion ($1.09 billion) last year.

However, the group’s interest expenses rose slightly to ₦791.8 billion ($532 million), while impairment charges for credit losses expanded sharply to ₦288.9 billion ($194 million), reflecting a cautious stance on loan quality amid tight market conditions.

Fee and commission income also strengthened, up from ₦205.3 billion ($138 million) to ₦260.5 billion ($175 million). Notably, the group posted a net foreign exchange gain of ₦71.9 billion ($48 million), a dramatic recovery from a ₦226.7 billion ($152 million) loss recorded a year earlier.

Group Managing Director, Adebowale Oyedeji, said the results reflected a “solid earnings capability and operational resilience” despite market normalisation pressures.

“The decline in profit before tax is directly attributable to the normalisation of fair value gains and deliberate measures to strengthen the balance sheet,” he explained.

“Our risk management initiatives are yielding results, with the non-performing loan ratio improving to 8.5 per cent.”

“The proceeds from subsequent rounds of capital raising will be used to enhance our innovative financial solutions and explore value-accretive opportunities,” he said.

Positioning itself for long-term growth across Africa, Oyedeji said First HoldCo remains on track to achieve its 2029 financial targets, underpinned by “fundamental strength, resilience, and scalability.”