FirstHoldCo sustains growth momentum as gross earnings rise 17% to N2.6trn

By Chima Nwokoji

FirstHoldCo Plc has sustained its growth momentum across core business segments, reporting a 17.1 percent year-on-year increase in gross earnings to ₦2.64 trillion for the nine months ended September 30, 2025, compared to ₦2.25 trillion in the corresponding period of 2024.

According to the unaudited results released by the Group, interest income rose sharply by 40.4 per cent to ₦2.29 trillion from ₦1.63 trillion in September 2024, reflecting improved asset yields and loan book expansion. Net interest income also climbed 71.7 per cent year-on-year to ₦1.5 trillion, buoyed by stronger core banking operations.

However, non-interest income declined 49.2 percent to ₦296.9 billion, while impairment charges for credit losses surged 68.6 percent to ₦288.9 billion, reflecting prudent risk provisioning in a volatile operating environment.

Operating income rose 23.2 percent to ₦1.80 trillion, though profit before tax slipped 7.3 percent to ₦566.5 billion, down from ₦610.9 billion a year earlier. Profit after tax also fell by 15.5 percent to ₦450.9 billion, largely due to reduced fair value gains and higher operating costs, which jumped 39.3 percent to ₦942.7 billion.

Despite the profit decline, the Group maintained balance sheet stability, with total assets at ₦26.4 trillion, marginally lower than ₦26.5 trillion as of December 2024. Customer deposits rose 4.2 percent year-to-date to ₦17.9 trillion, while net loans and advances increased by 9 percent to ₦9.6 trillion.

Key performance ratios show that FirstHoldCo maintained a post-tax return on average equity of 19.9 per cent and a post-tax return on assets of 2.3 percent. The Group’s cost-to-income ratio stood at 52.4 per cent, compared with 46.4 percent a year earlier, while the non-performing loan (NPL) ratio improved to 8.5 per cent from 10.2 percent in December 2024.

Group Managing Director, Adebowale (Wale) Oyedeji, described the results as a reflection of the Group’s underlying resilience and commitment to sustainable growth.

“FirstHoldCo has once again demonstrated solid earnings capability,” Oyedeji said. “Our interest and operating income grew strongly by 40.4 percent and 23.2 percent, respectively, supported by a 26.9 percent rise in fees and commission income. The decline in profit before tax was due to the normalisation of fair value gains and balance sheet strengthening initiatives.”

He noted that the Group’s strategic risk management measures were already yielding results, as seen in the improved asset quality.

On the recapitalisation of FirstBank, Oyedeji disclosed that the first phase of its private placement capital raise had been successfully executed and is awaiting final regulatory approvals.

“We expect to conclude this phase in November 2025, ensuring FirstBank’s full compliance with the new minimum capital requirements by year-end,” he said. “Subsequent capital raising rounds will further enhance our financial solutions and support value-accretive initiatives.”

Oyedeji reaffirmed the Group’s commitment to achieving its 2029 financial targets, noting that FirstHoldCo remains well-positioned to deliver stronger shareholder value through operational scalability and prudent capital management.

*NUPRC’s Gbenga Komolafe Makes List of Continental Experts to Speak at Pan-African Parliament 2025 Session*

Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has been listed among leading continental experts invited to address the Sixth Ordinary Session of the Pan-African Parliament (PAP) in November 2025.

The invitation — extended to Komolafe in his capacity as both NUPRC Chief Executive and interim President of the Africa Forum for Petroleum Regulators and Frameworks (AFRIPERF) — marks a rare recognition of Nigeria’s leadership in upstream oil and gas reforms under the administration of President Bola Ahmed Tinubu.

The Bureau of the Pan-African Parliament, in a letter dated October 17, 2025, invited Komolafe to deliver a paper on ‘Legislative Frameworks for Sustainable Upstream Regulation in Africa’s Oil and Gas Sector’ during the upcoming session.

“This topic explores how robust legislative reforms can advance sustainability in Africa’s upstream oil and gas operations, inviting insights from your leadership at NUPRC and as Acting Chairman of AFRIPERF,” the letter reads.

According to the Bureau, the Parliament looks forward to Komolafe’s reflections on Nigeria’s Petroleum Industry Act (PIA) and how its model of transparency, community inclusion, and investment-friendly regulation can guide continental efforts toward a harmonised energy governance framework.

The invitation noted that insights from Nigeria’s recent petroleum reforms would help PAP develop model laws across member states to improve transparency, environmental standards, and revenue fairness in the extractive sector.

This is the second time in recent years that a Nigerian public official has been invited to address the PAP’s plenary session — a platform traditionally reserved for African thought leaders and reformers whose work has contributed to the continent’s development agenda.

Komolafe’s recognition, observers say, underscores how far-reaching the impact of the PIA and its subsequent implementation has become under Tinubu’s reform-driven administration.

Since assuming office as NUPRC’s Chief Executive, Komolafe has championed a new culture of transparency and performance in Nigeria’s upstream sector. His leadership has been credited with streamlining licensing procedures, enforcing environmental accountability, and restoring investor confidence in the industry.

Under his watch, Nigeria’s crude oil production has recovered to around 1.7 million barrels per day, while gas flaring has been reduced to 7.16 percent — one of the lowest levels in two decades.

The PIA’s fiscal clarity and community development provisions have also improved relations between oil companies and host communities, setting new standards for responsible resource management.

The Bureau of the Pan-African Parliament said Komolafe’s address would form part of the session’s broader agenda to support the African Union’s Agenda 2063 — particularly its goals of inclusive growth, environmental protection, and energy transition across the continent.

Analysts view the invitation as a milestone not just for Komolafe but for Nigeria’s global reputation as a reform-minded energy leader. They argue that the Tinubu administration’s ongoing efforts to institutionalise transparency and accountability in the oil and gas sector have repositioned the country as a credible voice in continental economic governance.

By being selected to address the plenary, Komolafe joins a distinguished circle of Africans whose work in regulatory innovation and sustainable development has shaped continental policymaking.

His participation is expected to strengthen collaboration among African energy regulators and advance the continent’s quest for a just and inclusive energy transition.

JuWonOil Expands Into U.S. Gulf LNG Bunker Market

HOUSTON, October 30, 2025 — Houston-based marine fuel and lubricant trading firm JuWonOil LLC has officially expanded into the liquefied natural gas (LNG) bunkering market, positioning itself at the forefront of clean energy adoption across the U.S. Gulf Coast.

The company is currently developing structured logistics for small-scale LNG bunkering and distribution, engaging with LNG suppliers, terminal operators, and vessel owners operating in Houston, Galveston, Corpus Christi, and Sabine Pass, a company representative told Ship & Bunker on Wednesday.

> “JuWonOil LLC is pleased to announce its formal entry into the LNG trading and bunkering market, further advancing our mission to provide innovative, sustainable marine fuel solutions across the Gulf Coast and international ports,” the representative said.

“Our expansion into LNG marks a strategic step toward the clean energy transition and reflects the growing market demand for low-carbon bunkering alternatives in major U.S. and African ports.”

Founded in September 2024, JuWonOil initially specialized in marine lubricants and conventional marine fuels across Texas ports and anchorages. Its latest move underscores the company’s commitment to diversifying its energy portfolio amid a global shift toward greener maritime operations.

The firm’s Chief Executive Officer, Juwon Lawal, a Kogi State, Nigeria–born entrepreneur, previously served as managing director of Dubai-based Africent Group. Lawal also brings extensive experience from his previous roles in bunker supply for Winson Oil Trading and ST&L Bunkers Ltd.

With its entry into the LNG sector, JuWonOil aims to leverage its growing network to support the energy transition and facilitate sustainable marine logistics across both sides of the Atlantic.