FIRST BANK’S BIG CLEAN-UP: OTEDOLA DEFENDS N748bn BAD LOAN WRITE-OFF
GREATRIBUNETVNEWS– OTEDOLA, Chairman of First Bank Holdings, has defended the bank’s decision to write off N748 billion in legacy non-performing loans, citing long-term financial stability. Here are the key highlights:
– Reason for Write-Off : “We took a huge one-time hit of N748bn to recognise old bad loans instead of pretending they do not exist.”
– Impact on Profit: 92% decline in profits due to the one-time provisioning.
– CBN Directive: The decision aligns with the Central Bank of Nigeria’s directive to address bad loans decisively.
– Business Performance : “Our business is still strong. The income we generated gave us the capacity to take the cleanup and remain stable.”
– Future Outlook: The write-off positions First Bank for recapitalisation and future growth .
_”At First HoldCo, we chose to clean house properly… It’s a painful headline, but it’s a serious long-term move,”_ Femi Otedola.“Going into 2026, we are lighter, cleaner and better prepared for serious growth,” Otedola stated.
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