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Nigeria’s First HoldCo Targets Growth After Writing Off Bad Debt - BLOOMBERG

FEBRUARY 02, 2026


First HoldCo Plc, one of Nigeria’s biggest lenders, forecast profit growth this year after cleaning up its loan book and strengthening the balance sheet.

The Lagos-based lender set aside 748 billion naira ($534 million) of provisions for bad loans in the final quarter, plunging it to 405.9 billion naira loss for the three months ended December, according to a filing to the Nigerian stock exchange. Net profit for the year fell 92% to 45 billion naira.

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