First HoldCo Plc on Thursday expressed commitment to paying a dividend in the 2025 financial year and complying with the Central Bank of Nigeria (CBN) forbearance prudential guidelines.

The Company Secretary, First Holdco, Adewale Arogundade, disclosed in a statement by the lender on the platform of the Nigerian Exchange Limited (NGX).

The HoldCo is one of the banks impacted by the directive of the CBN, which froze dividend payments, bonuses, and investments in foreign subsidiaries for lenders operating under regulatory forbearance.

In the statement, First HoldCo clarified that “the SOL breach of our primary subsidiary, First Bank of Nigeria Ltd, is related to two customers with foreign currency loans arising from over 200 per cent currency devaluation in 2023/2024. 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.

“Some also have receivables that are awaiting payment from relevant agencies of government. Syndicate lenders will ensure the processes are concluded within the current financial year.

“Any loan not fully re-tenored will be fully provisioned and exit forbearance. As a well-diversified financial holding company, FirstHoldCo will sustain its dividend payments in 2025 and beyond as we remain committed to our esteemed stakeholders.”

The lender added that due to its diversified financial holding company, it will sustain its dividend payments in 2025 and beyond.