First HoldCo Plc POWER MOVE

First HoldCo’s management has pivoted from passive provisioning to active pursuit of delinquent borrowers. Ongoing recovery efforts have sent a clear message to the Nigerian credit market: the era of “soft” enforcement is over.

This “determination to collect” is designed to restore depositor confidence and deter future credit defaults. By choosing to front-load ₦748 billion in impairment charges, the Board and Management of First HoldCo PLC have essentially cauterized a decade of legacy wounds.

While many Nigerian banks have become “glorified hedge funds”—parking cash in zero-risk government securities—First HoldCo remains a primary engine of the Nigerian economy:

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