First HoldCo adopts 60% dividend policy

First HoldCo Plc Plc, the parent company of FirstBank of Nigeria, has approved a new dividend policy committing to distribute at least 60% of its annual profit after tax to shareholders. The policy, approved by the board on July 28, 2026, is subject to regulatory approvals and will apply to future distributions. The announcement follows the group's strong first-half 2026 results, with profit after tax rising 81.6% year-on-year to N526.1 billion and profit before tax up 83.5% to N653.5 billion. The group also reported gross earnings of N1.93 trillion and total assets of N30.6 trillion. Chairman Femi Otedola said the policy reflects confidence in the group's earnings sustainability and commitment to shareholder returns. The company also noted that FirstBank of Nigeria's capital adequacy ratio has been restored above the regulatory minimum ahead of schedule, and it remains on track to achieve its N1 trillion paid-in capital target. The policy is seen as a signal of improved financial health and a shift toward rewarding shareholders.