Why FirstBank wrote off N748bn bad loan – Otedola
[NigerianEye - Nigeria] - 4/02/2026
Group Chairman of First Bank Holdings, Femi Otedola, has justified the company’s decision to write off N748bn in legacy non-performing loans, saying the move was a deliberate strategy aimed at securing long-term financial stability, even though it significantly reduced reported profits. Otedola made this known in a post on his X handle on Saturday, where he explained that the large-scale provisioning led to a 92 per cent drop in the holding company’s profit figure. According to the billionaire investor, the write-off was in line with the Central Bank of Nigeria’s directive encouraging (…)
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