Femi Otedola, chairman of First HoldCo Plc, says the ongoing restructuring of the financial group may cause short-term disruption but is necessary to strengthen the institution and secure its long-term future.
Gatekeepers News reports that Otedola made the remarks in a post on X on Tuesday, stressing that rebuilding a legacy institution requires confronting structural weaknesses and laying new foundations for sustainable growth.
“Rebuilding a long established institution like FBN Holdings can bring some disruption, but it is part of strengthening the business,” he wrote.
“We are fixing what is not working and laying stronger foundations for the future. This is a new chapter anchored on transparency, accountability, sustainability, and long-term value.”
He said he remains fully committed to transforming First HoldCo into a world-class financial institution, adding that his resolve to continue investing in the group “remains firm.”
Otedola’s comments come amid a major balance-sheet clean-up at First HoldCo, which recently reported a sharp decline in profit after taking heavy charges to address legacy non-performing loans.
On January 31, the chairman disclosed that the company absorbed a significant hit to clean up N748 billion in bad loans.
According to him, the decision—though painful—was a strategic long-term move, even as it resulted in a steep drop in the group’s 2025 profit.
