First HoldCo Plc (FirstHoldCo) has announced the successful completion of the second tranche of its ₦350 billion Private Placement program, raising ₦45 billion. This capital injection, which has secured all necessary approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), is earmarked for its subsidiary, First Bank of Nigeria Limited (FirstBank).
The funds will support FirstBank's capital restoration plan and broader balance sheet strengthening initiatives. This move further enhances FirstBank's financial resilience and capacity, reinforcing its commitment to maintaining its leadership position and regulatory strength.
With approximately ₦270 billion previously injected, FirstHoldCo has demonstrated progress towards meeting the CBN's ₦500 billion minimum capital requirement ahead of the March 31, 2026 deadline. This capital infusion positions FirstBank to pursue its strategic growth agenda with increased confidence, enabling it to deepen lending, expand digital capabilities, and capture opportunities across various banking markets.
The completion of this tranche is a significant milestone, reflecting sustained investor confidence in FirstHoldCo's franchise, earnings, and governance. Following this second tranche of the private placement, approved at the 13th Annual General Meeting (AGM) on May 22, 2025, FirstHoldCo intends to raise the remaining ₦221 billion. Furthermore, with shareholder approval from the 14th AGM on May 29, 2026, the company is set to strengthen its paid-up share capital to ₦1 trillion.
This capital raise builds on the Group's strong operating performance. In Q1 2026, FirstHoldCo reported a 72.2% year-on-year increase in Profit Before Tax to ₦321 billion, with gross earnings rising 27% year-on-year. The Group maintained strong funding strength, with customer deposits reaching ₦18.4 trillion and a CASA ratio at FirstBank Nigeria of 93.8%.
Femi Otedola, CON, Group Chairman of FirstHoldCo Plc, expressed gratitude to shareholders for their confidence and support, highlighting the shared conviction in the Group's franchise and future opportunities. He stated that these steps are crucial for preserving the Group's stability and enhancing its balance sheet quality.
Wale Oyedeji, Group Managing Director of FirstHoldCo Plc, described the ₦45 billion tranche as a strong endorsement of the company's strategic direction and value proposition. He noted that the injection into FirstBank is timely and strategic, strengthening its capital base and positioning it for accelerated growth while maintaining prudence.
FirstHoldCo remains committed to strong governance, prudent risk management, and disciplined capital allocation as it solidifies its position as a leading financial services group in Africa.
