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First Bank writes off N748 billion bad loan, gives reasons

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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.

 

 

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NHRC calls for suspension, prosecution of senator Fadahunsi over threat to kill Accord Party supporters

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The National Human Rights Commission, NHRC, has urged the senate, to suspend the senator representing Osun West, Francis Adenigba Fadahunsi for threatening to kill Accord Party members and supporters if they come out to vote on Saturday.

The senator, while addressing party supporters at Ilesha on Saturday, threatened Accord Party members and urged his party loyalists to kill them if they come out to vote in the coming governorship election August 15.

“From now on, whenever you see Accord members, kill them. I authorise you to kill them. They have wives and children too. This is a Federal Government election. On election day, even if they come with voter cards, we won’t allow them to vote,” the PDP senator said.

Reacting to the development, the Executive Secretary of the Commission, Tony Ojukwu, SAN, said the statement was capable to setting the nation ablaze and lead to abuse of rights of citizens as well as loss of lives.

He described this remarks as incitement to murder, electoral violence, and voter intimidation, saying no well meaning Nigeria should sit by and allow such rhetoric to be tolerated without consequences from the law enforcement authorities.

Ojukwu said it was not enough for the Senator to attempt explaining what he meant by the threat after the massive rebuke from the public, adding that many of his followers have already taken his directives to heart.

In a statement Wednesday, Ojukwu also urged all party chairmen to issue directives to their members to desist from any hateful , inciting, intimidating and call to violence statements ahead of all coming up elections.

“Any candidates or party faithfuls who violate these directives should be called out for violating constitutional and electoral frameworks for peaceful elections and should be surrendered to law enforcement authorities for prosecution,” Ojukwu said.

“This is not politics. This is a licence to kill. A public officer who tells citizens to murder other citizens because of party affiliation must not be allowed to remain in office for one more day,” Ojukwu said.

“The Senate leadership is hereby called upon to suspend Senator Fadahunsi immediately pending conclusive investigation by the police.

The Police and DSS must also arrest, investigate, and prosecute him now. We cannot wait until blood is spilled in Osun before we act. Prevention is the duty of the state and the leadership of the NASS is part of the state.”

The alleged remarks come days before the August 15 Osun governorship election

The NHRC said that given the gravity of the statements attributed to the Senator in the video, the matter requires urgent investigation by security agencies under due process.

The Commission is calling on authorities to immediately suspend Senator Fadahunsi from all Senate duties pending investigation.

The Commission urged citizens of Osun to remain peaceful and to report any threats to the Commission and relevant authorities as it has set up a situation room to report and document such incidents during the election period.

 

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I have no regrets for my statement, I won’t apologize- says Sheikh Yahya Jingir

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Sheikh Yahya jingir, an Islamic cleric and leader of the Izala Scholars Council, has said he has no regret over his recent declaration of support for a Muslim-Muslim presidential ticket, despite criticisms trailing the statement.

Jingir, who spoke in an interview with BBC Hausa monitored by Nationwide Reports on Wednesday, said his position was not politically motivated or intended to campaign for President Bola Ahmed Tinubu, but was based on what he described as his responsibility as a Muslim.

He said he would continue to support and encourage Muslims to back a Muslim-Muslim ticket, regardless of the criticisms his position might attract.

“I will continue to support and encourage the Muslim-Muslim ticket. What they say would not stop me. They started it; at a point, we suffered in their hands,” he alleged.

The cleric had, during a mass wedding organised by the Kano State Government for 1,500 couples, declared his support for the Muslim-Muslim arrangement and urged Muslims to vote in a manner that would demonstrate their numerical strength in the country.

Jingir said he decided to support the arrangement after President Tinubu “raised the flag” of the Muslim-Muslim ticket.

He added that, as a Muslim preacher, he had the right to advocate a political arrangement that was consistent with his religious convictions.

The cleric also challenged claims that Christians or other religious groups constituted a larger population than Muslims in Nigeria.

His remarks have continued to generate reactions, with some commentators describing them as divisive, while others have defended his right to express his religious and political views.

 

 

 

 

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Nigerian senator Francis Adenigba Fadahunsi urges loyalists to kill Accord party members, supporters on Osun election day

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Francis Adenigba Fadahunsi, the senator representing Osun East Senatorial District, has threatened to kill Accord Party members and supporters if they are seen on election day.

The Osun state governorship election is taking place on Saturday August 15.

Fadahunsi, who spoke in Yoruba while addressing supporters in Ilesha, said there would be trouble if members of the Accord Party were seen in the area, urging his supporters to come out and vote during the election.He also called on those present to record his statement, while making a remark that suggested his supporters would confront Accord Party members if they encountered them before the election.

“If we hear of Accord Party members coming to Ilesha, there will be trouble. We will all come out and vote. Please record me. We are here, and between now and the election, if we see anyone from the Accord Party, we will kill them,” he said.

The statement comes amid heightened political activities in Osun State ahead of the governorship election, with political parties intensifying campaigns and mobilisation of supporters across the state.

Fadahunsi is a member of the Peoples Democratic Party (PDP) and currently represents Osun East Senatorial District in the National Assembly.

 

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