‘Rebuilding First HoldCo will come with surprises,’ – Otedola  

Chairman of First HoldCo Plc, Femi Otedola, has said the ongoing rebuilding and restructuring of the financial services group will come with significant disruptions.

According to him, this would include both “pleasant and unpleasant surprises,” as management works to lay a new foundation for long-term sustainability.

Otedola made the remarks in a statement posted on his X page on Tuesday, February 3, 2026, where he described the transformation process as a necessary reset aimed at strengthening the institution and delivering long-term value to stakeholders.

What he is saying

An excerpt of Otedola’s statement on X reads.

• “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.

According to him, the group is currently undergoing a difficult but essential 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,” Otedola added.

Backstory

The statement comes against the backdrop of First HoldCo’s 2025 financial performance, which showed a sharp decline in profitability and triggered concerns among investors.

• According to a Nairametrics report, the company posted a pre-tax profit of N229.097 billion in 2025, representing a 71.18% decline from the N796.461 billion recorded in 2024. Profit after tax also fell sharply by 93.36% year-on-year, despite evidence of strong underlying interest income.
• The steep drop in earnings was largely driven by a N748 billion one-off impairment charge, which the company said was taken to clean up legacy non-performing loans and strengthen its balance sheet.

Chairman Femi Otedola described the move as a deliberate “clean house” strategy, taken in line with regulatory guidance and evolving industry expectations, rather than a reflection of weak operating performance.

What you should know

Femi Otedola increased his stake in First HoldCo Plc to 18.12% in 2025, after acquiring 3.82 billion additional shares, reinforcing his position as one of the group’s largest shareholders.

• The filings show that Otedola now holds 8.05 billion shares, representing a year-on-year increase of over 90% from 4.23 billion units, or an 11.8% stake, in 2024.
• His expanded ownership places him among only two shareholders with holdings above 5%, alongside RC Investment Management Limited, which controls a 23.47% stake in the company.

As of December 2025, Otedola’s direct shareholding rose to 3.25 billion shares (7.31%), up from 1.68 billion shares (4.71%) in 2024, while his indirect holdings climbed to 4.80 billion units (10.81%), compared with 2.54 billion units (7.09%) a year earlier.