FirstHoldco Plc has reassured its shareholders and stakeholders of the commitment of the holding company to cure its single obligor Limit (SOL) forbearance by the Central Bank of Nigeria (CBN), re-tenor its forborne loans, and sustain dividend payment for the 2025 financial year.
The assurance was given in an explanation to the stakeholders and the capital market community dated 19 June 2025, titled “RE: CBN CIRCULAR ON FORBEARANCE ISSUED ON JUNE 13, 2025” signed by Adewale L.O. Arogundade, Company Secretary and obtained by our correspondent.
The Holding company, reacting to the CBN’s stand on dividend payment suspension, ban on bonus issues and investments in foreign subsidiaries, said in the statement, “In respect of the Central Bank of Nigeria’s (CBN) circular with reference BSD/DIR/CON/ LAB/018/008 concerning regulatory forbearance in respect of Single Obligor Limit (SOL) and other credit facilities, First HoldCo Plc (“FirstHoldCo” or “the Company”) assured on dividend payment and maintaining clean loan books.
The group explained “The SOL breach of our primary subsidiary, First Bank of Nigeria Ltd (“FirstBank” or “the Bank”), is related to two customers with foreign currency loans arising from over 200% currency devaluation in 2023/2024”
It added that , with the planned completion of the capital raise in the second half of 2025 among other measures, the Bank will cure the breach in this regard.
“Furthermore, the Bank’s forborne loans are in respect of syndicated facilities that are industry exposures. The consortium of lenders is working to re-tenor the facilities to align with their cash flows as all the assets are back to active production and generating appreciable revenue.
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