First HoldCo Plc, Nigeria’s oldest financial services holding company, has posted its weakest full-year profit in eight years after taking a massive one-off impairment charge to clean up legacy bad loans.
Net profit at the Lagos-based lender for the year ended December 31, 2025, fell sharply to N44.98 billion, representing a 92 percent decline from the N677.01 billion recorded in 2024, according to its unaudited financial statements posted on the Nigerian Exchange Group (NGX).
The drop was largely driven by a N748.13 billion impairment ch
