First HoldCo Executive Pay Soars Amid Profit Decline

In 2025, executive remuneration at First HoldCo, formerly FBN Holdings, surged significantly, with the highest-paid director's pay more than doubling to ₦195 million from ₦97 million, despite the group's profit collapsing by 79.4% to ₦139.5 billion. This increase occurred alongside a 6.9% rise in gross earnings to ₦3.44 trillion, attributed to a sharp rise in costs, particularly impairment charges, which surged 93.8% to ₦826.3 billion.

Total directors’ emoluments rose to ₦992 million from ₦936 million, while executive compensation increased to ₦294 million from ₦159 million. In contrast, Access Holdings reported a record profit before tax of ₦1.007 trillion, up 16.16% from ₦867.02 billion, with the highest-paid director's remuneration increasing by 62.8% to ₦293 million.

This disparity raises concerns among shareholders regarding the justification for rising executive pay amid uneven profit growth.