First HoldCo Plc has notified the Nigerian Exchange Limited (NGX), its shareholders, and the investing public that it has successfully completed the ₦45 billion second tranche of its ongoing ₦350 billion Private Placement programme, having secured all requisite approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The company stated that the proceeds will be injected into First Bank of Nigeria Limited, the Group’s flagship subsidiary, as part of its capital restoration plan and broader balance sheet strengthening programme.
“This capital action further enhances FirstBank’s financial resilience, expands balance sheet capacity, and reinforces the Group’s commitment to sustaining the Bank’s leadership position, regulatory strength, and long-term competitiveness. With approximately ₦270 billion previously injected into FirstBank, the Group demonstrated disciplined execution toward meeting the ₦500 billion minimum capital requirement under the CBN’s recapitalisation directive ahead of the March 31, 2026, deadline.
“Beyond regulatory compliance, this injection positions FirstBank to pursue its strategic growth agenda with greater confidence. It strengthens the Bank’s capacity to deepen quality lending, expand digital and transaction banking capabilities, accelerate customer franchise momentum, and capture opportunities across corporate, commercial, retail, and cross-border banking markets, while maintaining prudent capital management.
“The successful completion of this tranche marks another important milestone in FirstHoldCo’s strategic capital programme and underscores sustained investor confidence in the Group’s resilient franchise, quality earnings, governance standards, and long-term direction. It reflects strong market conviction in FirstHoldCo’s ability to execute with discipline, strengthen its core banking franchise, and deliver long-term shareholder value. Following the successful completion of this second tranche of the ₦350 billion Private Placement programme approved at the 13th Annual General Meeting (AGM) on May 22, 2025, FirstHoldCo remains committed to raise the outstanding ₦221 billion. In addition, with shareholder approval secured at the 14th AGM on May 29, 2026, the Company is positioned to strengthen its paid-up share capital to ₦1 trillion.
“This additional capital builds on the Group’s strong operating momentum. In Q1 2026, FirstHoldCo delivered a 72.2% year-on-year increase in Profit Before Tax to ₦321 billion, while gross earnings rose 27% year-on-year, driven by continued growth in both interest income and non-funded revenues. The Group also maintained strong funding strength, with customer deposits of ₦18.4 trillion and a CASA ratio at FirstBank Nigeria of 93.8%, underscoring the depth of the franchise, the quality of its liquidity profile, and the confidence of customers and stakeholders,” a statement from the group explained.
The Group Chairman of FirstHoldCo Plc, Femi Otedola, CON, commenting on the successful completion of this capital raise, said: “We are deeply grateful to our shareholders for their continued confidence and support, demonstrated both in the successful completion of this capital raise and in their gracious approval at the 14th Annual General Meeting held on May 29, 2026, for the additional capital to be raised to take the paid-up capital of FirstHoldCo to ₦1 trillion. Their support reflects a shared conviction in the strength of our franchise, the resilience of our business model, and the significant opportunities ahead for FirstHoldCo. On behalf of the Board, I thank our shareholders for standing with us as we take the prudent and necessary steps to preserve the Group’s stability, enhance balance sheet quality, and build a stronger platform for enduring value.”
The Group Managing Director of FirstHoldCo Plc, Mr. Wale Oyedeji, also commenting, said: “The successful completion of this ₦45 billion tranche is a strong endorsement of FirstHoldCo’s strategic direction, franchise strength, and the confidence investors continue to place in our long-term value proposition. This injection into FirstBank is both timely and strategic. It further strengthens the Bank’s capital base, enhances balance sheet capacity, and positions the franchise to accelerate growth across key businesses while remaining anchored on prudence, resilience, and disciplined execution.
“As we continue to execute FirstBank’s capital restoration plan, we remain focused on disciplined capital management, operational efficiency, and unlocking the full earnings potential of our businesses. The actions we are taking are deliberate, forward-looking, and value accretive. They will further strengthen our competitive position, deepen market confidence, and prepare the Group towards capturing the next phase of growth from a position of strength.”
Source: The Cable
