Nigeria: First HoldCo introduces minimum dividend of 60% of annual profit

First HoldCo Plc, a holding company listed on the Nigerian Exchange and parent company of First Bank of Nigeria, one of the country's oldest banking institutions, has reportedly adopted a minimum dividend policy set at 60% of annual profit. This announcement comes amid a rapidly restructuring Nigerian banking sector, marked since 2024 by higher minimum capital requirements imposed by the Central Bank of Nigeria (CBN), which is pushing financial groups to reassure shareholders and investors regarding their profitability and financial governance. However, the available source provides neither the exact date of the decision, nor any official statement from a First HoldCo executive, nor details on the benchmark profit amount or the financial year concerned. These elements therefore remain open questions at this stage. If confirmed, such a payout policy would guarantee shareholders a steady and predictable income, boosting the stock's attractiveness on the Nigerian market, at a time when local and international investors are closely monitoring the resilience of major West African banks in the face of inflation and naira volatility. This announcement, if verified, would be part of a broader trend among African financial groups seeking to balance growth, regulatory recapitalization, and shareholder returns—a delicate balance that Sankofa Finance will monitor closely upon the publication of