Billionaire Femi Otedola executes a surgical turnaround as First HoldCo profit rockets 72% in Q1 2026 to $233 million, overtaking GTCO, UBA and Access Holdings
Billionaires Africa | 08.05.2026 00:27
When Femi Otedola became chairman of FirstHoldCo in January 2024, he inherited a balance sheet carrying decades of unresolved bad loans and a market that had largely written the bank off as a laggard. Eighteen months later, his team has produced the highest return on equity in the FUGAZ group and the second-largest profit before tax in Nigeria's tier-one banking sector, and done it in a single quarter.
