Chairman of First HoldCo Plc Femi Otedola haas said the ongoing rebuilding and restructuring of the financial services group will involve disruptions.
Mr Otedola stated that the process would include both pleasant and unpleasant outcomes as management works to establish a new foundation for the group’s future.
He made the remarks in a statement posted on his X page on Tuesday, where he said the transformation was a reset aimed at strengthening the institution and delivering value to stakeholders over time.
“Rebuilding and restructuring a behemoth like FirstHoldings Plc will come with a lot of disruptions including both pleasant and unpleasant surprises. We must pull things apart, remove old faulty foundations and build a new experience for all our stakeholders,” he said.
Otedola added that the group is in a phase that marks a new beginning for First HoldCo, anchored on transparency, accountability and long-term value creation.
“A new beginning that guarantees corporate sustainability and longevity, fuelled by the tenacity of purpose and veracity of vision, supported by our core pillars of transparency, accountability, and long-term value for all stakeholders,” he said.
The statement comes amid concerns following First HoldCo’s 2025 financial results, which showed a decline in profitability.
The company reported a pre-tax profit of N229.097 billion in 2025, a 71.18 percent drop from N796.461 billion recorded in 2024.
Profit after tax declined by 93.36 percent year-on-year, despite growth in interest income.
The decline in earnings was attributed to a N748 billion one-off impairment charge, which the company said was taken to address legacy non-performing loans and strengthen its balance sheet.
Otedola described the decision as a “clean house” approach taken in line with regulatory guidance and industry expectations, and not as a result of weak operating performance.
In 2025, Otedola increased his stake in First HoldCo Plc to 18.12 percent after acquiring an additional 3.82 billion shares.
Company filings show that he now holds 8.05 billion shares, representing a year-on-year increase of over 90 percent from 4.23 billion shares, or an 11.8 percent stake, in 2024.
His shareholding places him among two investors with holdings above five percent, alongside RC Investment Management Limited, which holds a 23.47 percent stake.
As of December 2025, Otedola’s direct shareholding rose to 3.25 billion shares, representing 7.31 percent, up from 1.68 billion shares or 4.71 percent in 2024.
His indirect holdings increased to 4.80 billion shares, or 10.81 percent, from 2.54 billion shares, or 7.09 percent, a year earlier.
