Femi Otedola Leads Firstholdco To 660 Million Earnings In 2024

Under Otedolas leadership, FirstHoldCos 2024 comprehensive income rose to 663.7 million, driven by higher interest, fees, and investment gains.

FirstHoldCos profit soared to 487.5 million, prompting a 74 dividend hike and reflecting Otedolas impact since becoming chairman in January 2024.

FirstBanks 44-floor eco-tower in Eko Atlantic marks a bold expansion, reinforcing its legacy and future ambitions under Otedolas direction.

Under the leadership of billionaire businessman and philanthropist Femi Otedola, FirstHoldCo, the parent company of Nigerias oldest bank, First Bank of Nigeria Limited, posted an impressive financial performance in 2024, with earnings crossing the 660 million mark. The results reflect the growing impact of Otedolas leadership on the 130-year-old institution, which recorded gains across all key income lines.

According to its latest annual report , FirstHoldCos comprehensive income rose from N769.2 billion 480.3 million in 2023 to N1.063 trillion 663.7 million in 2024. The surge was fueled by a combination of higher interest income, strong fee and commission earnings, and solid gains from financial instrumentscementing the banks standing as a major player in Nigerias financial sector and a leading lender across Africa.

Interest income jumped from N936.7 billion 584 million to N2.4 trillion 1.49 billion. Fees and commissions also climbed from N220.3 billion 137.4 million to N304.5 billion 190 million, while returns from financial instruments reached N550 billion 343 million. The bank also saw a boost from foreign currency translation gains, which added N336.6 billion 210 million to its bottom line.

FirstHoldCos net profit more than doubled over the year, growing from N347.9 billion 217 million to N782 billion 487.5 million. The jump reflects the strides the institution has made since Otedola joined the board in August 2023 and took over as chairman in January 2024. His influence is widely seen as a turning point, helping to usher in a new era of growth. On the back of these strong results, the board proposed a dividend of N0.6 0.000374 per sharetotaling N25.1 billion 15.7 million, up from N14.4 billion 9 million the previous year.

The strong performance didnt stop at profits. FirstHoldCos total assets rose sharply from N16.94 trillion 10.56 billion at the end of 2023 to N26.52 trillion 16.5 billion by year-end 2024. Its total equity also increased from N1.75 trillion 1.1 billion to N2.79 trillion 1.74 billion, while retained earnings nearly doubled, growing from N588.9 billion 367.1 million to N1.116 trillion 695.7 million.