FirstHoldCo raises additional N45bn to strengthen FirstBank capital base

First HoldCo Plc has successfully completed the ₦45 billion second tranche of its ongoing ₦350 billion private placement programme, further strengthening the capital base of its flagship subsidiary, First Bank of Nigeria Limited.

The financial services group disclosed on Thursday that it secured all necessary approvals from the Central Bank of Nigeria and the Securities and Exchange Commission before concluding the fundraising exercise.

According to the company, the proceeds from the latest capital raise will be injected into FirstBank as part of its capital restoration plan and broader efforts to reinforce the bank’s balance sheet and financial resilience.

The development comes after the group had previously injected about ₦270 billion into FirstBank as part of efforts to meet the Central Bank of Nigeria’s recapitalisation requirements. The apex bank had directed commercial banks with international licences to raise their minimum capital base to ₦500 billion.

FirstHoldCo said the latest capital injection would enhance FirstBank’s capacity to expand lending activities, deepen its digital banking operations, strengthen transaction banking services and take advantage of growth opportunities across corporate, commercial, retail and cross-border banking segments.

The group noted that the successful completion of the second tranche reflects strong investor confidence in its business model, governance structure and long-term growth strategy.

Despite the latest fundraising milestone, the company said it still plans to raise an outstanding ₦221 billion under the private placement programme approved by shareholders at its 13th Annual General Meeting held in May 2025.

In addition, shareholders at the company’s 14th Annual General Meeting held on May 29, 2026, approved plans to increase FirstHoldCo’s paid-up share capital to ₦1 trillion.

Commenting on the development, Chairman of FirstHoldCo, Femi Otedola, expressed appreciation to shareholders for their continued support and confidence in the group’s strategic direction.

He said the approval of additional capital raising initiatives reflects investors’ belief in the strength of the franchise, the resilience of its business model and its future growth prospects.

According to Otedola, the capital-raising programme is aimed at preserving the group’s stability, improving balance sheet quality and creating a stronger platform for sustainable value creation.

Also speaking, Group Managing Director of FirstHoldCo, Wale Oyedeji, described the successful completion of the ₦45 billion tranche as a strong endorsement of the group’s strategy and long-term value proposition.

He said the fresh capital would further strengthen FirstBank’s capital position, improve balance sheet capacity and support expansion across key business segments while maintaining prudent risk and capital management practices.

Oyedeji added that the group remains focused on executing FirstBank’s capital restoration plan, improving operational efficiency and unlocking growth opportunities across its businesses.

The capital raise comes amid strong financial performance by the group. FirstHoldCo reported a 72.2 per cent year-on-year increase in profit before tax to ₦321 billion in the first quarter of 2026, while gross earnings rose by 27 per cent, driven by growth in both interest and non-interest income.

The company also maintained a strong liquidity position, with customer deposits standing at ₦18.4 trillion and a Current Account Savings Account ratio of 93.8 per cent at FirstBank Nigeria.

FirstHoldCo said it remains committed to strong corporate governance, prudent risk management and disciplined capital allocation as it seeks to consolidate its position as one of Africa’s leading financial services groups.