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First HoldCo Plc, the parent company of Nigeria’s oldest bank, First Bank of Nigeria Limited, is facing intense scrutiny from customers, investors, and analysts after reporting a 93 percent collapse in profit after tax for the 2025 financial year, following a record N748 billion impairment charge taken to clean up legacy bad loans.

The impairment, disclosed in the group’s unaudited 2025 financial statements, pushed profit after tax down sharply despite what management described as one of the bank’s strongest years for core revenue generation. The development has sparked a wide debate in the financial market over whether the move represents a bold reset or an exposure of deep rooted structural weaknesses.

Readership NG reports that First HoldCo reported a profit before tax of N229.097 billion in 2025, down 71.18 percent from N796.461 billion in 2024. The sharp earnings decline came despite gross earnings rising to N3.4 trillion, net interest income surging by 36.3 percent to N1.9 trillion, and fees and commission income growing by 18.7 percent to N290.7 billion, largely driven by digital banking and electronic transaction fees.

Defending the results, First HoldCo Chairman, Mr Femi Otedola, said the profit slump was the consequence of a deliberate balance sheet cleanup rather than weak operating performance. In a statement shared on his official X page, Otedola described the N748 billion write off as a necessary and painful decision.

“We decided to clean house properly. We took a huge one time hit to admit old bad loans instead of pretending they do not exist. That is why profit looks like it crashed by 92 percent. Painful headline, but it is a serious long term move,” he said.

Industry analysts point to regulatory pressure as the key trigger. In June 2025, the Central Bank of Nigeria formally ended 👉🏼 read more 👇🏼

https://readership.ng/after-93-profit-slump-first-holdco-faces-stern-test-of-recovery-strategy/

In the wake of the devastating Afriland Towers fire that claimed several lives, the United Bank for Africa (UBA) now finds itself under heavy criticism, not just for the tragedy within its community, but for its insensitive handling of communication in the immediate aftermath.

UBA’s initial statement, hastily released by its communications department, has been described by many as tone-deaf, detached, and lacking the gravity the situation demanded. Even the Group Chairman, Tony Elumelu, openly admitted that the release was made “in haste” and failed to reflect the true depth of sorrow within the organization.

READERSHIP NG reports that for a bank of UBA’s standing, such a communications blunder is both shocking and embarrassing. At a time when empathy and sensitivity were most needed, the department responsible for shaping the bank’s public voice fumbled with a statement that came across as routine corporate damage control rather than heartfelt condolence.

Observers argue that this gaffe exposes a worrying disconnect between UBA’s leadership and its communications handlers, raising questions about competence, preparedness, and internal crisis management. In moments of tragedy, words matter. And UBA’s communications team, by rushing to issue an ill-considered response, only deepened public distrust.

The Afriland Towers fire is a tragedy that will be remembered for its heavy toll. Sadly, UBA’s mishandled messaging has turned what should have been a moment of unity and compassion into yet another corporate misstep.

Background Story

On Tuesday, September 16, 2025, Lagos was thrown into mourning following a deadly fire outbreak at the iconic Afriland Towers. The blaze, which reportedly began on the upper floors of the commercial complex, spread rapidly through parts of the building, trapping occupants and causing widespread panic in the busy central district.

By the time emergency responders managed to bring the flames under control, several lives had already been lost and many others injured. The victims included workers from different businesses operating in the tower, ranging from banks to private firms and service providers.

Among the organisations affected was the United Bank for Africa (UBA), which lost some of its staff in the incident. But UBA was not alone, other corporate tenants, including the Federal Inland Revenue Service (FIRS), also counted losses, with employees who were either injured or killed, and property worth millions of naira destroyed.

For families, colleagues, and friends of the deceased, the tragedy struck deeply. Afriland Towers, once seen as a proud symbol of modern commerce in Lagos, was transformed overnight into a site of devastation and grief.

In the wake of the incident, tributes have continued to pour in from the business community, civil society, and government officials. Many organisations suspended operations temporarily to honor those who passed away, while efforts are ongoing to support survivors and the families of the victims.

As United Bank for Africa (UBA) prepares to release its second-quarter financial results, anticipation is high among investors, customers, and market watchers. The bank delivered a strong performance in the first quarter of 2025, recording a profit after tax of ₦189.84 billion, representing a 33 percent increase compared to the same period last year. Profit before tax stood at ₦204.26 billion, reinforcing UBA’s reputation as one of Africa’s leading financial institutions.[i][/i]

However, behind the impressive numbers, concerns have been raised about certain underlying trends that could shape the bank’s outlook for the rest of the year. Speaking with Readership NG, an expert noted, “UBA had a very solid Q1 result on the surface, but when you look closely at the fundamentals, there are issues that need careful monitoring going forward.”

One of the major talking points is the sharp rise in interest expenses, which jumped to ₦247.96 billion from ₦140.09 billion in Q1 2024, an increase of more than 77 percent. This surge in funding costs outpaced the growth in interest income, raising concerns that the bank’s net interest margin could come under pressure in the coming quarters if interest rates remain elevated.

Another issue is the decline in the loan book, which dropped by 1.8 percent to ₦6.83 trillion, suggesting either a cautious approach to lending or weak credit demand despite higher interest rates. Analysts also noted a significant spike in impairment charges, which rose to ₦14.18 billion compared to ₦3.28 billion in the same period last year, signaling possible credit risk provisioning as a safeguard against economic headwinds.

Non-interest income, particularly from foreign exchange and trading gains, was a big boost to the bottom line, surging to ₦37.04 billion from ₦11.90 billion in the previous year. However, experts warn that such gains are market-driven and may not be sustainable if currency volatility eases. While UBA improved its cost-to-income ratio to 52.9 percent, operating expenses still grew by 12 percent to ₦245.79 billion, with e-banking costs almost wiping out the income generated from that segment.

Capitalization is another area of interest, as UBA is currently executing a multi-tranche rights issue to meet new regulatory requirements. While this strengthens the bank’s capital base, it may lead to equity dilution and potential pressure on return on equity in the near term. Another point raising eyebrows is the unusually low effective tax rate of about 7 percent, far below the statutory 30 percent, which analysts believe could normalize in subsequent quarters and impact net earnings.

Despite these concerns, UBA remains fundamentally strong with total assets of ₦31.71 trillion, customer deposits of ₦22.86 trillion, and an annualized return on equity of over 21 percent. Still, as the second-quarter numbers approach, the big questions remain: Can UBA sustain this level of profitability without relying heavily on FX windfalls? Will loan growth pick up despite high borrowing costs? And how will operating expenses and recapitalization shape future earnings?

For now, all eyes are on the Q2 report, which may provide clarity on whether UBA can maintain its growth momentum or if these red flags will become more pronounced in the second half of the year.

https://readership.ng/as-q2-results-countdown-begins-uba-faces-questions-on-margins-loan-growth/

A Federal High Court in Port Harcourt has dismissed the lawsuit filed by First Bank of Nigeria against General Hydrocarbons Limited (GHL).

Presiding over the case, Justice E.A. Obile ruled that the court lacked the jurisdiction to hear the matter, agreeing with the arguments presented by GHL’s legal counsel, Dr. Biodun Layonu.

The court upheld GHL’s preliminary objection, determining that the suit was an abuse of judicial process and a violation of a prior ruling issued by Justice Allagoa on December 12, 2024, in Suit No. FHC/L/CS/1953/2024. It was noted that First Bank had admitted in its counter-affidavit that Justice Allagoa’s order had expressly restrained it from enforcing any receivables related to the facility agreement in question.

Additionally, the court rejected First Bank’s attempt to differentiate this case from the earlier suit, stressing that all subsequent agreements between the parties stemmed from a legally binding Memorandum of Understanding (MoU), which First Bank had repeatedly breached.

As a result, the court dismissed the lawsuit...READ MORE https://readership.ng/legal-blow-for-first-bank-as-court-dismisses-suit-against-ghl/

In a bold move to drive industrial growth and food security, Ogun State Governor, Prince Dapo Abiodun, has announced a strategic partnership with Ambar Energia, a leading Brazilian energy company, to establish power plants across the state. This initiative aligns with his administration’s commitment to providing reliable power supply and boosting agricultural production to support both residents and the over 6,000 industries operating within the state.

Speaking while receiving a delegation from Ambar Energia, led by its President Marcelo Zanatta, at the Governor’s Office in Oke-Mosan, Abeokuta, Governor Abiodun emphasized that Ogun State—widely recognized as Nigeria’s industrial capital—must take full advantage of the constitutional amendment that decentralizes power generation, allowing states to produce and distribute electricity independently.

> “The energy needs of our state are enormous. The current allocation is grossly inadequate. With this partnership, we aim to bridge that gap and unlock the full industrial potential of Ogun State,” the governor said.

Highlighting the urgency, the governor noted that Ogun and Lagos states currently consume about 40% of Nigeria’s 6,000 megawatts, yet demand is projected to rise to 45% of the megawatts by 2030. He said Ogun’s rapidly growing industrial clusters—such as Ijebu-Ode, Abeokuta, Atan-Agbara, Remo, Imeko-Afon, and Aworo—require robust and localized energy solutions.

> “We’re expanding our current power infrastructure. A plant that once generated just four megawatts is being upgraded to produce 30 megawatts in its first phase—primarily to serve government offices and residential areas. But this is merely a drop in the ocean. Our goal is to replicate such captive power plants across the three senatorial districts of the state,” he added.

Governor Abiodun reiterated that electricity is the key to unlocking the state’s abundant natural resources, including gold, lithium, bitumen, silica, limestone, and its dominance in cement, cassava, poultry, and egg production.

He also revealed that construction is set to begin on Africa’s largest garment production facility, to be located at the Special Agro-Processing Zone near the Gateway International Airport, which alone will require 300 megawatts of electricity to operate.

Commending Ambar Energia—ranked among Brazil’s top five energy firms with 27 plants and a combined capacity of 4.3 gigawatts—Governor Abiodun expressed confidence in the firm’s technical capacity and commitment to collaboration.

> “Our government believes in enabling private sector growth. We’re here to create the right environment for businesses to thrive because the government doesn’t do business—it facilitates it. As businesses grow, they employ people, and that brings shared prosperity,” he stated.

Marcelo Zanatta, President of Ambar Energia, expressed readiness to work with the state in developing sustainable energy solutions, noting that his team had already visited critical infrastructure sites including the Gateway International Airport, Olorunsogo Power Plant, and the Onijanganjangan Power Plant.

In a related development, Governor Abiodun also received a delegation from the JBJ, JBS, and SEARRA Group of Brazil, led by renowned agribusiness leader Jose Batista, to discuss potential investments in large-scale farming and food production.

With over 16,000 square kilometres of land....... READ MORE https://readership.ng/ogun-strikes-strategic-partnership-with-top-brazilian-firms-on-power-and-agriculture/

Renowned businessman Dr. Agbai Eke Agbai has revealed that he deposited N550 million into a fixed deposit account at First Bank’s Abiriba branch in response to an appeal by the bank’s former Group Managing Director. His intention was to ensure that the branch remained operational in his community.

“I deposited that money into a fixed deposit account, with a certificate issued to me by First Bank, based on an appeal from the former Group Managing Director. This was done to prevent the bank from being removed from Abiriba,” he stated.

However, upon his return to Nigeria, Dr. Agbai was met with an alarming discovery.

“I went to First Bank in Abuja to make a withdrawal, only to find out that N55 million had been withdrawn from my account by bank officials. They claimed that I personally made the withdrawals at their Uzuakoli Road branch in Umuahia, but at that time, I was not even in the country,” he explained.

Following an internal review.... read more https://readership.ng/businessman-alleges-n550m-fixed-deposit-vanished-from-first-bank/

obtaining the sum of N12.3bn from First Bank.

The duo are to be arraigned on Monday, Jan 20th before Justice Chukwuejekwu Aneke of the Federal High Court, Lagos.

They will be arraigned alongside, a former member of the board of directors of Honeywell Flour Mills Plc, Soji Akintayo and a company linked to Otudeko, named Anchorage Leisure Ltd.

All four were listed as defendants in the suit filed by an EFCC prosecutor, Bilkisu Buhari-Bala on Jan. 16, 2025.

According to the EFCC, the four committed the fraud in tranches of N5.2b, N6.2b, N6.150b, N1.5b and N500million, between 2013 and 2014 in Lagos.

In proof of the charge against the defendants, the EFCC intends to call representatives of First Bank including Cecelia Majekodunmi, Ola Michael Aderogba, Abiodun Olatunji, Raymond Eze, Abiodun Odunbola and Adeeyo David all of whom are expected to give evidence of the fraudulent misrepresentation of the Defendants and tender relevant documents.

The EFCC will also rely on the testimonies of representatives of Central Bank of Nigeria, representatives of Stallion Nigeria Limited and representatives of V-tech Dynamics Ltd.

Also included in the EFCC’s list of witnesses are one Farida Abubakar and Adaeze Nwakoby.

According to the Commission, the offences contravene Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and were punishable under Section 1 (3) of the same Act.

Count 1 of the charge says that https://readership.ng/efcc-charges-honeywell-boss-ex-firstbank-md-over-alleged-n12-3bn-scam/

The Nigerian Communications Commission (NCC) has authorized telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes assigned to United Bank for Africa (UBA), First City Monument Bank (FCMB), and seven other financial institutions over a backlog of unpaid debts.

This directive, signed by NCC’s Director of Public Affairs, Reuben Muoka, on Tuesday and obtained by Channels Television, mandates the affected banks to settle their outstanding debts by January 27, 2025, or risk losing access to their USSD codes.

Although the NCC did not disclose the exact amount of debt owed by the nine financial institutions, it revealed that the total amount initially owed by all 18 financial institutions exceeded N200 billion, with some invoices remaining unpaid since 2020. According to the commission, nine out of the 18 banks have yet to comply significantly with the regulatory directives issued in a Second Joint Circular from the Central Bank of Nigeria (CBN) and NCC on December 20, 2024.

“By the information made available to the commission as at close of business on Tuesday, 14th January 2025, of a total of 18 financial institutions, the nine institutions listed below have failed to comply significantly with the directives in the Second Joint Circular of the Central Bank of Nigeria and the commission dated December 20, 2024, for the settlement of outstanding invoices due to MNOS, some since 2020,” the NCC stated in a public notice.

The affected financial institutions include https://readership.ng/ncc-directs-telcos-to-disconnect-uba-fcmb-others-over-ussd-debt/

In a bold enforcement of its commitment to smooth cash flow, the Central Bank of Nigeria (CBN) has sanctioned several Deposit Money Banks (DMBs) for failing to make Naira notes available through Automated Teller Machines (ATMs) during the last festive season.

Leading banks, including FirstBank and United Bank for Africa (UBA), were fined N150 million each for non-compliance with the apex bank's cash distribution guidelines. This action followed spot checks on their branches during the yuletide period, revealing inadequate cash availability.

The CBN, in its statement, emphasized the importance of seamless cash circulation, especially during peak periods. Hakama Sidi Ali, the Acting Director of Corporate Communications, confirmed the fines and reiterated the bank's zero tolerance for disruptions in cash flow. “Ensuring uninterrupted cash availability is crucial to maintaining public trust and economic stability. Violations of our guidelines will continue to attract strict penalties,” she stated.

The sanctioned banks include https://readership.ng/cbn-fines-firstbank-uba-others-n1-3bn-for-cash-shortages/

A one-minute video making rounds on the internet has sparked outrage, as it captures Otunba Taofeek Sokoya, popularly known as Danku, the Chairman of the Articulate Motorcycle Owners and Riders Association of Nigeria (AMORAN) in Ogun State, engaging in inappropriate conduct with a stripper during a party allegedly held on a yacht in Lagos waters.

In the viral video, Danku is seen partying with friends when a female stripper, clad only in pink transparent trousers and without a top, approached him while dancing provocatively. Danku was visibly seen playing with her breasts and slapping them before she moved to a nearby pole to continue her performance. The footage has since attracted widespread criticism on social media, with many questioning the moral standing of the AMORAN chairman, who is a married man with children and holds a traditional chieftaincy title in Sagamu.

The video has also reignited allegations of betrayal against Danku, who is said to have schemed against his predecessor and former ally, Otunba Nurudeen Alowonle, to ascend to his current position as AMORAN chairman.

This controversy comes just weeks after the resignation of his media aide, Comrade Segun Okeowo Kayode, popularly known as Ikenga, which further raised concerns about internal discord and leadership controversies within AMORAN under Danku’s tenure.

Efforts to reach Danku for comments proved unsuccessful as his phone rang unanswered as of press time. Meanwhile, the Ogun State Government is yet to issue an official statement addressing the scandal, which continues to generate heated debates online.

Watch the video below:

https://readership.ng/ogun-amoran-chairman-danku-embroiled-in-stripper-scandal/

A group of shareholders holding a 10% stake in First Bank of Nigeria Holdings Plc. has formally requested the convening of an Extraordinary General Meeting (EGM), in accordance with Section 215 (1) of the Companies and Allied Matters Act (CAMA). The company now has 21 days to organize the meeting.

The primary agenda for the proposed EGM includes a motion to remove the Chairman of FBN Holdings, Mr. Femi Otedola, and Mr. Julius B. Omodayo-Owotuga, a Non-Executive/Deputy Chief Executive at Geregu Power Plc.

The shareholders have raised concerns about the governance and stability of the institution since Otedola's ascent to the chairmanship, alleging that it was influenced by the former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele. They claim Emefiele facilitated Otedola's acquisition of a significant stake in FBN Holdings, which subsequently led to his appointment as Chairman.

According to the shareholders, Otedola's leadership has been marked by controversies, including the dismissal of key executives such as the former CEO, Dr. Adesola Adeduntan, and other senior figures, allegedly to consolidate control. They also questioned Otedola's suitability for the role, citing his history with non-performing loans and involvement with AMCON bailouts during previous financial challenges.

One of the contentious issues is the proposed N360 billion private placement of shares, which the shareholders fear could further cement Otedola's control over the institution. They argue that a public offering or rights issue would ensure greater transparency and equitable participation by all shareholders.

The group also highlighted other concerns, including the alleged sidelining of qualified candidates in leadership appointments, perceived favoritism, and interference in the bank's internal affairs. These issues, they claim, undermine corporate governance and risk turning the institution into a personal fiefdom.

The demand for the EGM has placed regulators like the Securities and Exchange Commission (SEC) and the CBN in the spotlight. It remains to be seen how these bodies will respond to the unfolding situation.

Meanwhile, https://readership.ng/leadership-crisis-sparks-at-first-bank-as-shareholders-push-for-egm-to-remove-otedola/

The internal crisis within the All Progressives Congress (APC) in Remo North, Ogun State, has escalated following a public altercation between Governor Dapo Abiodun’s Special Adviser, Adebiyi Adeleye, and a party leader, Pa Yusuf Asiru.

The conflict began after Adeleye posted a tribute to his late father on Facebook, where he eulogized him with the Yoruba phrase, "Omo a gbohun ilekun ma tagiri." Pa Yusuf Asiru, a long-standing leader of the APC in Remo North, commented under the post, praising Adeleye’s father and recalling a shared history. However, this simple gesture turned sour when Adeleye took offence, objecting to the characterization of his late father as Pa Asiru's "friend."

In a sharply worded reply, Adeleye accused Pa Asiru of disrespect, suggesting it was inappropriate to refer to his late father as a peer. He stated:

"Yusuf Asiru sir, if my dad was alive, he would be 85 years old. It’s really denigrating and disrespectful to call my dad your friend... I have just decided to stop the unnecessary misrepresentation of facts and history."

Despite Pa Asiru’s dignified response of, "God bless your judgment," tensions escalated when Pa Asiru’s son, Shola Asiru, stepped in to defend his father. In a message seen by our correspondent, Shola warned Adeleye against further disrespect:

"This isn't just to insult you but to wake you up in case you're losing your mind... Push me further, and you will regret it. I can expose your true character to everyone, and you won’t enjoy the fallout."

Adeleye’s response shocked many, as he lashed out with a blunt retort, saying:

"Apple doesn't fall far from its tree. Like father, like son... If you do anything funny, I swear, I will hit back at your disrespectful dad. F**k you all."

This public outburst has sparked widespread outrage, with Ogun State residents and party members calling on Governor Dapo Abiodun to address the behavior of his aide. Critics claim that Adeleye’s continued disrespect towards key leaders in Remo North is contributing to the APC’s declining fortunes in the area, citing the party’s loss in all 10 wards and winning less than 7 polling units out of 132 polling units in the local government during the last gubernatorial and assembly elections. His arrogance and uncultured behaviors towards the party leaders and traditional rulers made Remo North APC to lose woefully in 2023. The constituents didn't vote out APC in 2023 because they hate the party, but they voted against APC because of Adeleye’s tyranny.

One resident, Samson Peter Adewale, reacted online, describing Adeleye’s actions as arrogant:

"How can Hon Biyi Adeleye be insulting an elderly person on social media? We Ipara people will not take that from you at all... Don’t you remember that your dad was once a thief in Isara?"

Many now fear that this internal rift could further jeopardize the APC’s chances in the upcoming local government elections, especially if the governor backs Adeleye’s preferred candidate. If Adeleye's preferred candidate is backed by His Excellency, it would give him more power to disrespect the party leaders, traditional rulers and would cause unrest in the local government which will eventually affect the party's chances in 2027 as it happened in 2023.