First Bank of Nigeria Strengthens Long‑Term Stability, Shares Key Economic Insights and Navigates Governance Updates
Lagos, Nigeria — First Bank of Nigeria Limited — one of the country’s longest‑standing financial institutions — continues to make strategic moves aimed at reinforcing financial stability, shaping thoughtful economic dialogue, and navigating corporate governance developments that matter to customers, investors and the broader Nigerian economy.
Strategic Balance‑Sheet Reset: N748 Billion Provision for Legacy Loans
In early February 2026, First HoldCo Plc — the parent company of First Bank — confirmed a one‑time N748 billion write‑off of legacy non‑performing loans. Group Chairman Femi Otedola described the move as a deliberate balance‑sheet clean‑up strategy that strengthens long‑term financial resilience, despite a significant decline reported in profit figures. The provisioning demonstrates the bank’s commitment to confronting credit quality issues head‑on in line with regulatory and risk‑management best practices.
This proactive approach aligns with broader industry efforts to bolster transparency and balance‑sheet health as Nigerian banks adapt to evolving regulations and economic conditions.
Economic Engagement: Nigeria Economic Outlook Forum Facilitates Thought Leadership
FirstBank continues to play a leadership role in economic discourse. In January 2026, the bank hosted its annual Nigeria Economic Outlook 2026 forum in Lagos, bringing together economists, business leaders and finance professionals to review the economic landscape and provide forward‑looking guidance for businesses and investors. Themes of resilience, sectoral growth prospects, and strategic navigation of macroeconomic headwinds were discussed.
Such convenings underscore FirstBank’s mission to equip stakeholders with actionable insights and help businesses adapt to Nigeria’s dynamic economic environment — a priority that resonates with entrepreneurs and policymakers alike.
Corporate Governance Update: Legal and Regulatory Developments
• The bank recently notified the Nigerian Exchange (NGX) of developments affecting both First Bank and its holding company, FirstHoldCo, reinforcing its commitment to market transparency and regulatory compliance.
• In Lagos, the arraignment of two senior First Bank managers on alleged forgery charges was temporarily stalled following intervention from the Office of the Director of Public Prosecutions, acting on the bank’s petition — a process that reflects ongoing legal due process and corporate governance expectations.
These developments show how the bank engages legal and regulatory frameworks responsibly as part of its corporate governance practices.
Why This Matters for Nigeria’s Banking Sector & Economy
• Long‑Term Financial Health: First Bank’s strategic provisioning against legacy loans signals a commitment to transparency, risk management and sustainable growth amid shifting economic conditions.
• Leadership in Economic Dialogue: Through platforms like the Nigeria Economic Outlook session, FirstBank influences national conversations on growth strategy, investment, and resilience.
• Governance Integrity: Timely disclosures to the NGX and participation in due‑process legal interactions illustrate a standard of accountability that supports investor confidence.
Collectively, these developments demonstrate how First Bank of Nigeria is balancing operational prudence, thought leadership, and governance rigour in a way that contributes to financial sector stability and broader economic progress for Nigeria.
