News
First Bank writes off N748 billion bad loan, gives reasons
Group Chairman of First Bank Holdings, Femi Otedola, has explained 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 banks to confront non-performing loans openly instead of postponing the issue.
“At First HoldCo we decided to clean house properly. We took a huge one-time hit of N748bn to admit old bad loans instead of pretending they do not exist. That is why profit looks like it crashed by 92 per cent. Painful headline, but it is a serious long-term move,” he wrote.
He noted that the decision was taken to finally address problematic loans accumulated over previous years and to strengthen confidence among stakeholders.
“Why do this now? Because the CBN is pushing banks to stop kicking problems down the road. So First HoldCo basically closed the chapter on messy loans from past years which sends a clear message that borrowing has consequences and it helps rebuild trust,” Otedola added.
Despite the scale of the write-off, Otedola maintained that the bank’s core business remained solid, stressing that strong earnings demonstrated the institution’s underlying financial strength.
He disclosed that the bank generated N2.96tn in interest income and N1.91tn in net interest income, figures he said were sufficient to absorb the clean-up while keeping operations stable.
“The key point is this: our business itself is STILL strong. It made N2.96tn in interest income and N1.91tn in net interest income, which gave it the strength to take the cleanup and still stay standing,” he stated.
Looking ahead, Otedola expressed confidence in the bank’s future, saying the balance sheet clean-up has positioned First Bank well for recapitalisation and sustained growth.
“Now at First Bank and beyond we go into 2026 lighter, cleaner and better prepared for the recapitalisation era and serious growth. Bad loans cleared + strong income engine + long-term thinking = real value creation,” he concluded.
News
Supreme Court to rule on ADC, PDP cases Thursday
The Supreme Court of Nigeria will on Thursday, deliver judgments in two cases involving the leadership crises rocking the African Democratic Congress and the Peoples Democratic Party.
According to information on the official website of the court, the matters, listed under “Political Appeals”, have been added to the cause list for Thursday, April 30, 2026.
While judgment in the ADC matter, marked SC/CV/180/2026, has been fixed for 2 pm, there is no time yet for that if the PDP.
News
Tinubu to reconstitute NHRC board, retains Ojukwu as ES/CEO
President Bola Tinubu has written the Senate, seeking the screening and subsequent confirmation of fifteen nominees to the National Human Rights Commission (NHRC).
The letter was read by the President of the Senate, Senator Godswill Akpabio.
The letter seeks the reconstitution of the commission’s board in line with statutory provisions with the list comprising nominees from diverse professional backgrounds, including the media and legal sectors.
Among the nominees are the President, Nigeria Guild of Editors and Editor, Vanguard Newspapers, Mr. Eze Anaba; and Dr. Salamatu Hussaina Suleiman, who has been proposed as chairman of the board.
The Executive Secretary of the Commission, Dr. Anthony Ojukwu (SAN) is to retain his position as the Chief Executive Officer.
Other nominees include Mrs Roseline Tasha, Ambassador Adam Yubak Baku, ACG Felix Lawrence, Mr. Edmund Chinonye, Mr. Chinonye Obiaku (SAN), Oluwakemi Asiwaju Okere-Odo, Professor Adedeji Ogunji, Kingsley Chidozie, Mohammed Adelodu, Maupe Ogun Yusuf, and Otunba Francis Meshioye as members.
Also nominated are Patience Patrick and Hawwa Ibrahim, listed as members.
The President said the nominations were made pursuant to Section 2(3) of the National Human Rights Commission (Establishment) Act, 2010, which empowers him to constitute the board subject to Senate confirmation.
He explained that the reconstitution of the board was necessary to enhance the commission’s institutional capacity and enable it to more effectively discharge its mandate to promote and protect human rights across the country.
If confirmed, the new board is expected to play a critical role in reinforcing the NHRC’s oversight functions, particularly at a time of heightened concerns over rights protection and accountability in Nigeria.
Following the presentation of the request, the Senate referred the nominations to its Committee on Judiciary, Human Rights and Legal Matters for screening and report within two weeks.
News
Breaking: EFCC investigates Pastor Jerry Eze over alleged money laundering
The Economic and Financial Crimes Commission, EFCC, has revealed that it investigated the founder of Streams of Joy International, Pastor Jerry Eze, for six months over suspected money laundering before clearing him.
Ola Olukoyede, chairman of the Commission, disclosed this on Wednesday while speaking at the Jerry Eze Foundation Business Grant Award Ceremony in Abuja.
According to him, the probe was triggered by intelligence reports and petitions after the commission observed large inflows of foreign currencies into the cleric’s domiciliary account.
“We work by intelligence, we work by petitions. At some point, I saw there was an account, a domiciliary account. Dollars, pounds were dropping in like raindrops, from Colombia, from America, from Sri Lanka, even from Togo.
“I said who is this man? Yes, I’ve been hearing about his name, I’ve seen his face a couple of times. I never bothered about what he was doing. I knew he was a pastor.
“So they said this one pastor of streams of joy, go and investigate him. So we went to the investigation. We combed the books,” Olukoyede stated.
The EFCC boss said he subsequently invited Eze for questioning after preliminary findings were compiled by investigators.
He added that upon meeting the cleric and reviewing the findings of the investigation, the commission found no wrongdoing.
“So he came to my office. He told me what happens and all of that, and how the money came, what he does, how he has been helping people, and all of that.
“I said, you know what, I didn’t call you here to explain to me. We have already done our work. I called you here to commend you,” he stated.
The remark drew applause from the audience, as Eze, who was present at the event, acknowledged the commendation.
He noted that the commission has a responsibility not only to investigate financial crimes but also to recognise individuals found to have acted with integrity.
The EFCC chairman, however, stated that the agency would continue to monitor financial activities where necessary, stressing that its preventive mandate remains critical in tackling corruption.
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