Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review
First HoldCo
On this page
Company details
- Legal name
- First HoldCo Plc
- Listing
- FIRSTHOLDCO on the Nigerian Exchange, active · ISIN NGFBNH000009 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2025 · audited financial statements, signed / final · source
Read with these figures
- Auditor's emphasis of matter. No emphasis of matter or material uncertainty paragraph.
Full wording and sources
Auditor's emphasis of matter
No emphasis of matter or material uncertainty paragraph. The report states that the Group paid penalties of N344 million for contraventions of CBN circulars and regulations in 2025 (note 47), and refers to KPMG's separate limited assurance report on internal control over financial reporting (unmodified conclusion, 06 May 2026) (PDF p62).
Source: First HoldCo Plc Consolidated and Separate Financial Statements for Year Ended 31 December 2025 (dated 2026-05-06)
-
Net interest income
NGN 1.92 trillion
1,916,939 NGN millions · p63
+36.8% vs 2024
Interest income less interest expense, as printed.
-
Profit / (loss) for the year
NGN 139 billion
139,483 NGN millions · p63
−79.4% vs 2024
-
Total assets
NGN 27.3 trillion
27,250,935 NGN millions · p65
+2.7% vs 2024
-
Customer deposits
NGN 18.9 trillion
18,883,009 NGN millions · p65
+10.0% vs 2024
-
Total equity
NGN 3.30 trillion
3,301,365 NGN millions · p65
+18.1% vs 2024
Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN millions unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2025 — audited financial statements, signed / final; reported for the year · source
- FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source
Income statement
| Line (as printed) | FY2025Audited financial statementsreported for the year | FY2024Audited financial statementscomparative in FY2025 filing |
|---|---|---|
| Interest income | 2,994,145 | 2,397,428 |
| Interest expense | (1,077,206) | (996,119) |
| Net interest income | 1,916,939 | 1,401,309 |
| Impairment charge on financial instruments | (826,303) | (426,294) |
| Net interest income after impairment charge for losses1 | 1,090,636 | 975,015 |
| Fee and commission income | 357,503 | 304,498 |
| Fee and commission expense | (63,044) | (59,609) |
| Net Fee and commission income | 294,459 | 244,889 |
| Foreign exchange gain/(loss) | 93,369 | (64,945) |
| Net gains/(losses) on sale of investment securities2 | 50,042 | (48,059) |
| Net (losses)/gains from financial instruments at FVTPL3 | (155,627) | 549,989 |
| Dividend income4 | 13,597 | 10,657 |
| Other operating income | 81,595 | 62,546 |
| Personnel expenses | (343,086) | (308,472) |
| Depreciation of property and equipment | (58,609) | (44,384) |
| Amortisation of intangible assets | (15,959) | (17,598) |
| Operating expenses5 | (816,162) | (563,706) |
| Operating profit | 234,255 | 795,932 |
| Share of profit of associates | 737 | 535 |
| Profit before income tax and minimum tax6 | 234,992 | 796,467 |
| Minimum tax7 | (14,712) | (14,584) |
| Profit before income tax | 220,280 | 781,883 |
| Income tax expense | (73,026) | (118,393) |
| PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS8 | 147,254 | 663,490 |
| (Loss)/profit for the year from discontinued operations9 | (7,771) | 13,515 |
| PROFIT FOR THE YEAR | 139,483 | 677,005 |
| Non-controlling interests10 | 6,799 | 6,206 |
| -Net changes in fair value11 | 210,409 | (93,217) |
| -Net reclassified loss to profit or loss12 | (13,414) | (3,792) |
| Share of other comprehensive income of associates13 | (7) | –14 |
| Foreign operations - foreign currency translation differences15 | 24,926 | 336,640 |
| Net gains/ (losses) on debt instruments at fair value through other comprehensive income16 | 4,799 | (1,097) |
| Equity investments at FVTOCI- net changes in fair value17 | (39,133) | 157,049 |
| Remeasurement of defined benefit pension scheme18 | (2,978) | 764 |
| Effects of hyperinflation19 | (27,493) | (8,946) |
| Related taxes20 | 183 | (1,735) |
| Other comprehensive income/(loss) for the year | 157,292 | 385,666 |
| COMPREHENSIVE INCOME FOR THE YEAR | 296,775 | 1,062,671 |
- Printed “-”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
Notes and alternative reported figures (19)
- “Net interest income after impairment charge for losses” is an issuer-specific line, not mapped to a shared definition: Subtotal.
- “Net gains/(losses) on sale of investment securities” is an issuer-specific line, not mapped to a shared definition: Operating income.
- “Net (losses)/gains from financial instruments at FVTPL” is an issuer-specific line, not mapped to a shared definition: Operating income.
- “Dividend income” is an issuer-specific line, not mapped to a shared definition: Operating income.
- “Operating expenses”: mapping to a shared definition is uncertain. Printed 'Operating expenses' (note 17), apart from personnel, depreciation and amortisation.
- “Profit before income tax and minimum tax” is an issuer-specific line, not mapped to a shared definition: Subtotal before minimum tax.
- “Minimum tax” is an issuer-specific line, not mapped to a shared definition: Nigerian minimum tax, printed before profit before income tax.
- “PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS” is an issuer-specific line, not mapped to a shared definition: After income tax.
- “(Loss)/profit for the year from discontinued operations” is an issuer-specific line, not mapped to a shared definition: Discontinued operations (note 29).
- “Non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Profit attribution.
- “-Net changes in fair value” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified.
- “-Net reclassified loss to profit or loss” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified.
- “Share of other comprehensive income of associates” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified.
- “Foreign operations - foreign currency translation differences” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified.
- “Net gains/ (losses) on debt instruments at fair value through other comprehensive income” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified.
- “Equity investments at FVTOCI- net changes in fair value” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
- “Remeasurement of defined benefit pension scheme” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
- “Effects of hyperinflation” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
- “Related taxes” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
Balance sheet
| Line (as printed) | FY2025Audited financial statementsreported for the year | FY2024Audited financial statementscomparative in FY2025 filing |
|---|---|---|
| Cash and balances with central banks | 5,074,239 | 4,415,186 |
| Loans and advances to banks | 3,458,348 | 3,302,480 |
| Loans and advances to customers | 8,966,321 | 8,767,888 |
| Financial assets at fair value through profit or loss | 1,144,241 | 443,567 |
| Investment securities | 6,970,087 | 6,536,395 |
| Assets pledged as collateral1 | 343,612 | 1,069,225 |
| Other assets | 642,294 | 1,139,720 |
| Investments in associates accounted for using the equity method | 3,109 | 2,540 |
| Property and equipment | 541,194 | 222,164 |
| Intangible assets | 36,318 | 40,138 |
| Deferred tax assets | 39,916 | 53,706 |
| Assets (unlabelled subtotal)2 | 27,219,679 | 25,993,009 |
| Assets held for sale3 | 31,256 | 531,209 |
| Total assets | 27,250,9354 | 26,524,2185 |
| Deposits from banks | 2,019,003 | 2,922,432 |
| Deposits from customers | 18,883,009 | 17,170,690 |
| Financial liabilities at fair value through profit or loss6 | 61,992 | 50,256 |
| Financial liabilities at amortized cost7 | –8 | 198,188 |
| Current tax liabilities | 118,278 | 122,563 |
| Other liabilities | 896,575 | 1,239,125 |
| Borrowings | 1,943,978 | 1,559,353 |
| Retirement benefit obligations | 11,490 | 8,640 |
| Deferred tax liabilities | 13,462 | 11,645 |
| Liabilities (unlabelled subtotal)9 | 23,947,787 | 23,282,892 |
| Liabilities held for sale10 | 1,783 | 445,992 |
| Total liabilities | 23,949,57011 | 23,728,88412 |
| Share capital | 22,227 | 17,948 |
| Share premium | 458,389 | 233,392 |
| Retained earnings | 401,798 | 1,116,309 |
| Statutory reserve13 | 301,820 | 332,091 |
| Small scale investment reserve14 | 6,076 | 6,076 |
| Fair value reserve | 512,484 | 356,675 |
| Regulatory risk reserve | 851,949 | 22,670 |
| F oreign currency translation reserve15 | 686,121 | 657,346 |
| Equity attributable to owners (unlabelled subtotal) | 3,240,864 | 2,742,507 |
| Non-controlling interests | 60,501 | 52,827 |
| Total equity | 3,301,365 | 2,795,334 |
| Total equity and liabilities | 27,250,9354 | 26,524,2185 |
- Printed “27, 250,935”; read as 27,250,935. p65: The text layer splits this cell after its first comma ('27, 250,935'); the page render (p65) prints 27,250,935. Taken from the render.
- Printed “26, 524,218”; read as 26,524,218. p65: The text layer splits this cell after its first comma ('26, 524,218'); the page render (p65) prints 26,524,218. Taken from the render.
- Printed “-”, read as nil: subtotal_arithmetic: bs.native.co_qkeccm8mbe5r.liabilities_before_held_for_sale.
- Printed “23, 949,570”; read as 23,949,570. p65: The text layer splits this cell after its first comma ('23, 949,570'); the page render (p65) prints 23,949,570. Taken from the render.
- Printed “23, 728,884”; read as 23,728,884. p65: The text layer splits this cell after its first comma ('23, 728,884'); the page render (p65) prints 23,728,884. Taken from the render.
Notes and alternative reported figures (10)
- “Assets pledged as collateral” is an issuer-specific line, not mapped to a shared definition: Assets.
- “Assets (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal.
- “Assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 29.
- “Financial liabilities at fair value through profit or loss” is an issuer-specific line, not mapped to a shared definition: Liabilities.
- “Financial liabilities at amortized cost” is an issuer-specific line, not mapped to a shared definition: Liabilities (nil in 2025).
- “Liabilities (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal.
- “Liabilities held for sale” is an issuer-specific line, not mapped to a shared definition: Note 29.
- “Statutory reserve” is an issuer-specific line, not mapped to a shared definition: Equity.
- “Small scale investment reserve” is an issuer-specific line, not mapped to a shared definition: Equity.
- “F oreign currency translation reserve” is an issuer-specific line, not mapped to a shared definition: Equity.
Cash flow
| Line (as printed) | FY2025Audited financial statementsreported for the year | FY2024Audited financial statementscomparative in FY2025 filing |
|---|---|---|
| Cash flow (used in)/from operations | (1,553,143) | 4,205,396 |
| Income taxes paid | (75,197) | (52,327) |
| Interest received | 1,959,187 | 1,851,686 |
| Interest paid1 | (1,069,986) | (994,762) |
| Net cash (used in)/from operating activities | (739,139) | 5,009,993 |
| Purchase of investment securities2 | (2,191,965) | (2,439,458) |
| Proceeds from the sale of investment securities3 | 1,324,834 | 958,620 |
| Proceeds from disposal of subsidiary net of cash4 | 31,284 | –5 |
| Additional investment in investment in associate6 | (2,397) | –5 |
| Proceeds from disposal of investment in associate7 | 2,397 | –5 |
| Dividends received8 | 13,597 | 10,657 |
| Purchase of property and equipment | (381,484) | (95,001) |
| Purchase of intangible assets | (9,699) | (25,042) |
| Proceeds from disposal of property and equipment | 1,789 | 9,310 |
| Net cash (used in)/ from investing activities | (1,211,644) | (1,580,914) |
| Dividend paid | (25,127) | (14,358) |
| Proceeds of increase in share capital9 | 229,276 | –10 |
| Proceeds from new borrowings | 1,252,984 | 463,305 |
| Repayment of borrowings | (788,849) | (1,093,926) |
| Proceeds from Financial liability at amortised cost11 | –10 | 798,812 |
| Repayment of Financial liability at amortised cost12 | (198,188) | (615,512) |
| Principal element of lease payments | (3,632) | (1,549) |
| Net cash from/(used) in financing activities | 466,464 | (463,228) |
| (Decrease)/increase in cash and cash equivalents | (1,484,319) | 2,965,851 |
| Cash and cash equivalents at 1 January | 5,705,676 | 2,682,586 |
| Effect of exchange rate fluctuations on cash and cash equivalents held | 39,912 | 57,239 |
| Cash and cash equivalents at 31 December13 | 4,261,269 | 5,705,676 |
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (11)
- “Interest paid”: mapping to a shared definition is uncertain. Printed 'Interest paid' in operating activities (bank: interest on deposits and borrowings).
- “Purchase of investment securities” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Proceeds from the sale of investment securities” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Proceeds from disposal of subsidiary net of cash” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Additional investment in investment in associate” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Proceeds from disposal of investment in associate” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Dividends received” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Proceeds of increase in share capital” is an issuer-specific line, not mapped to a shared definition: Financing activities.
- “Proceeds from Financial liability at amortised cost” is an issuer-specific line, not mapped to a shared definition: Financing activities.
- “Repayment of Financial liability at amortised cost” is an issuer-specific line, not mapped to a shared definition: Financing activities.
- “Cash and cash equivalents at 31 December”: mapping to a shared definition is uncertain. Cash and cash equivalents as defined in note 20 (not the balance-sheet line 'Cash and balances with central banks').
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
| Year ended | Event | Wording as printed | Amount | Unit | Source |
|---|---|---|---|---|---|
| 31 Dec 2025 | Dividends paid (cash flow statement) | Dividend paid |
(25,127) | NGN millions | Audited financial statements, p68 |
| 31 Dec 2024 | Dividends paid (cash flow statement) | Dividend paid |
(14,358) | NGN millions | Audited financial statements, p68 |
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
-
First HoldCo Plc Consolidated and Separate Financial Statements for Year Ended 31 December 2025
Year ended 31 December 2025 · Audited financial statements · signed / final
Audit: KPMG Professional Services, unmodified opinion · signed
Auditor's sign-off: Akinyemi Ashade, FRC/2013/PRO/ICAN/004/00000000786, for KPMG Professional Services
Final status: Independent auditor's report (unmodified opinion, PDF p55) signed by Akinyemi Ashade (FRC/2013/PRO/ICAN/004/00000000786) for KPMG Professional Services, Chartered Accountants, 06 May 2026, Lagos, with a handwritten signature and the ICAN seal (PDF p62, page image). The statement of financial position states the statements 'were approved and authorised for issue by the Board of Directors on March 9, 2026' with handwritten signatures of Olufemi Otedola, CON (Group Chairman), Adebowale Oyedeji (Group Managing Director) and Wasiu Shafe (Ag. Chief Financial Officer) (PDF p65, page image). The board approval date printed (9 March 2026) precedes the auditor's report date (6 May 2026).
- Document date
- 6 May 2026
- Auditor's report
- 6 May 2026
- Board approval
- 9 Mar 2026
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025, FY2024
- Basis
- consolidated statements · NGN millions (printed “N 'million”)
- Minimum tax (Nigeria) is printed between 'Profit before income tax and minimum tax' and 'Profit before income tax' (p63). EPS is printed in kobo (basic only; from profit for the year 317, 2024: 1,859), stored in naira with the printed figure and unit kept. Interest received and interest paid are presented in operating activities (p68).
- Note 52 'Comparative' (PDF p171) reclassifies 2024 fee and expense lines within notes (account maintenance, custodian fees, IT maintenance); the 2024 statement columns are not headed restated.
- Text layer artefact on p65: the Group total assets, total liabilities and total equity and liabilities cells read '27, 250,935', '26, 524,218', '23, 949,570' and '23, 728,884' in the text layer; the page render prints 27,250,935, 26,524,218, 23,949,570 and 23,728,884. These cells are taken from the render (image values). No hidden figure differs from the printed page.
Technical details
- File
- 178 pages, with a text layer
- SHA-256
01d380076c4db3209c5ded4fb8ccd6f05497165538ef0cb16dcb42cba69670ee- Entity as printed
- First HoldCo Plc (the Company) and its subsidiaries (together, 'the Group') (PDF p55)
- Issuer copy
- retrieved 2026-10-08T20:40:10Z
Data notes
- Total assets — Printed '27, 250,935'; read as '27,250,935'. The text layer splits this cell after its first comma ('27, 250,935'); the page render (p65) prints 27,250,935. Taken from the render. (First HoldCo Plc Consolidated and Separate Financial Statements for Year Ended 31 December 2025, p65)
- Total assets — Printed '26, 524,218'; read as '26,524,218'. The text layer splits this cell after its first comma ('26, 524,218'); the page render (p65) prints 26,524,218. Taken from the render. (First HoldCo Plc Consolidated and Separate Financial Statements for Year Ended 31 December 2025, p65)
- Total liabilities — Printed '23, 949,570'; read as '23,949,570'. The text layer splits this cell after its first comma ('23, 949,570'); the page render (p65) prints 23,949,570. Taken from the render. (First HoldCo Plc Consolidated and Separate Financial Statements for Year Ended 31 December 2025, p65)
- Total liabilities — Printed '23, 728,884'; read as '23,728,884'. The text layer splits this cell after its first comma ('23, 728,884'); the page render (p65) prints 23,728,884. Taken from the render. (First HoldCo Plc Consolidated and Separate Financial Statements for Year Ended 31 December 2025, p65)
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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