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

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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.

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Alpha Morgan Bank Reinforces Commitment to Education at Redeemer’s University Business School Commissioning

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14 hours ago

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April 7, 2026

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Alpha Morgan Bank Reinforces Commitment to Education at Redeemer’s University Business School Commissioning

Alpha Morgan Bank has reaffirmed its commitment to education and institutional development through its support for the commissioning of the Redeemer’s University Business School.

The Business School was officially inaugurated by Pastor (Mrs.) Folu Adeboye, at the commissioning ceremony attended by distinguished guests including Her Excellency, Mrs. Bola Obasanjo; the Pro-Chancellor and Chairman, Governing Council of Redeemers University, Professor Oluwatoyin Ogundipe; the Vice Chancellor, Professor Shadrach Olufemi Akindele; and other notable dignitaries.

Speaking at the event, the Managing Director of Alpha Morgan Bank reiterated the  Bank’s commitment to supporting institutions that drive intellectual growth and national development.

As part of its broader focus on knowledge sharing and thought leadership, Alpha Morgan Bank will host its Economic Review Webinar in May 2026, bringing together experts to share insights on key economic trends and opportunities.
The Bank’s involvement reflects its continued dedication to empowering institutions and shaping the future of business and leadership in Nigeria.
Read more about Alpha Morgan Bank on www.alphamorganbank.com

 

 

PHOTO

L-R: Prof. Shadrach Olufemi Akindele, Vice Chancellor, Redeemers University, Engr.  Eloka Eje, Dr Perez Araka, Pastor (Mrs) Folu Adeboye, Mother-In-Israel, The Redeemed Christian Church of God, Mr Ade Buraimo, MD/CEO Alpha Morgan Bank, Dr (Mrs) Oluwatomi Somefun, Dr. Simeon Ifere, at the inauguration of the Redeemer’s University Business School, Redemption City, Ogun State on Thursday 2nd April, 2026

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Tinubu Aide Rebuts Rufai Oseni Over ₦3.3tn Power Debt Deal

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April 7, 2026

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Otega Ogra: Online Misinformation Endangers Public Trust and Stability

Tinubu Aide Rebuts Rufai Oseni Over ₦3.3tn Power Debt Deal

The Presidency has strongly refuted allegations of “accounting fiction” and misinformation surrounding Nigeria’s ongoing power sector financial reforms.
O’tega Ogra, Senior Special Assistant to President Bola Ahmed Tinubu on Digital and New Media, took to social media to challenge comments made by Rufai Oseni, accusing the broadcaster of misrepresenting government efforts to resolve legacy debts in the electricity value chain.
At the heart of the dispute is the reconciliation of longstanding debts owed to Generation Companies (GenCos) and gas suppliers—an issue that has long constrained liquidity within Nigeria’s electricity market.
₦1.4 Trillion Reduction Explained
Responding to criticism over debt figures, Ogra clarified that total legacy obligations were reduced from ₦4.7 trillion in initial claims to a verified ₦3.3 trillion, representing a roughly 30% reduction.
“That is not spin. It is the difference between a claim and a verified obligation,” Ogra stated.
“In a regulated electricity market, submitted claims must be validated against contracts, market rules, and settlement records.”
Ogra also outlined tangible progress under the reform program, emphasizing that it has moved beyond “paper restructuring” to actual financial disbursements:
₦1.23 trillion structured under Phase I
₦501 billion already raised for the first series
₦223 billion disbursed to GenCos and gas suppliers
₦197 billion currently being processed
As of March 31, 2026, eight GenCos—covering 17 power plants—have signed settlement agreements totaling ₦2.28 trillion.
According to Ogra, the reform timeline, from President Tinubu’s July 2024 directive for a sector-wide review to Federal Executive Council approval in August 2025, demonstrates a deliberate push for transparency in a sector historically plagued by opacity.
“The real question is whether the final figure reflects verified contractual exposure. That is exactly what the review process was designed to achieve,” he said.
While defending the administration’s approach, Ogra acknowledged that clearing debts alone will not resolve Nigeria’s electricity challenges. He noted complementary reforms underway, including:
Tariff alignment based on service quality
Nationwide metering expansion
Improved payment discipline
Targeted subsidies for vulnerable citizens
In a pointed remark, he urged media commentators to distinguish between incomplete progress and misinformation:
“This is not the end of the problem, but it is a structured attempt to fix it.”
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Aare Adetola Emmanuelking Welcomes President Tinubu to Gateway International Airport Commissioning in Iperu-Remo

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4 days ago

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April 4, 2026

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Aare Adetola Emmanuelking Welcomes President Tinubu to Gateway International Airport Commissioning in Iperu-Remo

 

In a momentous occasion that underscores the rapid infrastructural advancement of Ogun State, renowned real estate mogul and philanthropist, Aare Adetola Emmanuelking, warmly received the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, at the official commissioning of the Gateway International Airport, located in Iperu-Remo.

The landmark event, held under the visionary leadership of the Ogun State Governor, Dapo Abiodun, marks a significant stride in the state’s economic transformation agenda, positioning Ogun as a key hub for aviation, commerce, and investment in Nigeria.

Aare Emmanuelking, who is also the Chairman/CEO of Adron Homes and Properties, commended the Ogun State Government for its foresight and commitment to infrastructural excellence. He described the airport project as a “game-changer” that will not only boost connectivity but also stimulate real estate growth, tourism, and industrial expansion across the region.

Speaking during the commissioning, President Tinubu lauded Governor Abiodun’s administration for delivering a world-class facility that aligns with the Federal Government’s Renewed Hope Agenda, emphasizing the importance of strategic infrastructure in driving national development.

The Gateway International Airport is expected to serve as a critical gateway for investors and travelers, further enhancing Ogun State’s reputation as one of Nigeria’s most business-friendly environments.

The presence of top dignitaries, industry leaders, and stakeholders at the event underscores the project’s significance and its anticipated impact on the state’s socio-economic landscape and beyond.

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