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First HoldCo Plc, the parent company of First Bank of Nigeria Limited and chaired by billionaire businessman Femi Otedola, has reported a solid financial performance for the first nine months of its 2025 fiscal year. The group’s gross earnings rose to more than $1.7 billion.
Bank gross earnings jump, profit slides slightly
According to figures in its recently released financial statement, gross earnings climbed from N1.84 trillion ($1.27 billion) in the same period of 2024 to N2.55 trillion ($1.76 billion) this year. The growth was supported by a strong rise in both interest and non-interest income, underscoring the bank’s ability to stay profitable despite a tougher operating environment.
Interest income grew to N2.29 trillion ($1.58 billion), up from N1.63 trillion ($1.13 billion) a year earlier, while fee and commission income rose from N205.3 billion ($142.1 million) to N260.5 billion ($180.3 million). However, profit for the period declined to N450.9 billion ($312.6 million), compared with N533.87 billion ($370 million) last year. The drop was due to higher impairment charges, net asset losses and increased depreciation and amortization costs.
Otedola leads with integrity and reform
First Bank, the flagship subsidiary of First HoldCo and Nigeria’s oldest financial institution, has played a central role in the country’s economy for more than a century. But a string of management lapses and risky lending practices in past years eroded investor confidence. Otedola, who became the largest shareholder in 2021, signaled his belief in the bank’s long-term recovery rather than a quick turnaround.
When he was appointed chairman of First HoldCo (then FBN Holding) in January 2024 Otedola introduced a series of cost-cutting and governance reforms. One of his first directives was to end the use of private jets for executive travel at the bank’s expense—a move that drew attention across the financial sector for its message of fiscal prudence. He also tightened oversight, set clearer accountability measures, and prioritized efficiency across the group.
First HoldCo reports growth in assets, equity
Those decisions are now showing results. Total assets grew from N25.99 trillion ($18.1 billion) as of Dec. 31, 2024, to N26.37 trillion ($18.4 billion) by Sept. 30, 2025. Total equity also increased from N2.79 trillion ($1.94 billion) to N3.25 trillion ($2.26 billion) while retained earnings climbed from N1.11 trillion ($773.7 million) to N1.53 trillion ($1.06 billion).
The improvement suggests that Otedola’s leadership has begun to steady the group. With a stronger capital base, improved earnings and tighter control over costs, First HoldCo is regaining the confidence of investors and depositors alike, an encouraging sign for one of Nigeria’s most enduring financial brands.
