Femi Otedola, chairman of First HoldCo Plc, says the company took a major profit hit to clean up its N748 billion in bad loans.
In a post on his X account on Saturday, Otedola said the decision to clean up the loans was a serious long-term move, even though it caused a sharp fall in the company’s 2025 profit.
“At First HoldCo we decided to clean house properly. We took a huge one time hit of ₦748bn to admit old bad loans instead of pretending they do not exist. That is why profit looks like it crashed by 92%,” the post reads.
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