WorldStage– FirstHoldCo’s off-balance-sheet liabilities increased by more than half in 2025, though the bank didn’t disclose that in its statement of financial position for the year.
The audited financial statement the bank published May 7 revealed its contingency items added up to N3.57 trillion, about 15 percent of its total liabilities in the reporting year, and 52 percent increase from N2.27 trillion in the year before.
Contingency items are likely commitments and obligations a company can’t help honoring in the event that they happen. These include liabilities on tangible and intangible assets, legal proceedings, performance bonds and guarantees, and letters of credit.
Companies don’t reflect these financial risks in their balance sheets despite indicating the companies’ risk management approaches.
According to the AFS, FirstHoldCo recorded N4.6 billion on property and equipment, and N5.8 billion on intangible assets in 2025, from N2.29 billion and 17.2 billion respectively in the year before.
The group’s legal proceedings liability stood at N1.9b, and N1.7billon in 2025 and 2024 respectively; performance bond and guarantee, N1.4 trillion and N490 billion, and letters of credit N1.8 trillion and N1.5 trillion respectively.
In the balance sheet, the company liability climbed 0.8 percent from N23.7 trillion in 2024 to N23.9 trillion the following year.
