By Ayomide Otitoju
First HoldCo Plc (FirstHoldCo) 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 (FirstBank).
The financial services group disclosed that the transaction was concluded after securing all necessary approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
According to the company, the proceeds will be injected into FirstBank as part of its capital restoration and balance sheet strengthening programme, aimed at enhancing the bank’s financial resilience, expanding its lending capacity, and supporting long-term growth.
The latest capital injection follows an earlier infusion of approximately ₦270 billion into FirstBank, bringing the Group closer to meeting the CBN’s ₦500 billion minimum capital requirement ahead of the March 31, 2026 deadline.
FirstHoldCo said the additional capital would enable FirstBank to deepen quality lending, expand digital and transaction banking services, strengthen customer acquisition efforts, and capture growth opportunities across corporate, commercial, retail, and cross-border banking segments.
The Group noted that the successful completion of the tranche reflects strong investor confidence in its business model, governance standards, earnings quality, and long-term growth strategy.
Following the completion of the second tranche, FirstHoldCo said it remains committed to raising the outstanding ₦221 billion under the private placement programme. The company also disclosed that shareholders had approved plans at its 14th Annual General Meeting (AGM) to increase its paid-up share capital to ₦1 trillion.
The capital raise comes amid strong financial performance by the Group. In the first quarter of 2026, FirstHoldCo recorded a 72.2 per cent year-on-year increase in profit before tax to ₦321 billion, while gross earnings rose by 27 per cent, driven by growth in interest income and non-funded revenues.
The Group also reported customer deposits of ₦18.4 trillion and a Current Account Savings Account (CASA) ratio of 93.8 per cent at FirstBank Nigeria, highlighting the strength of its funding base and liquidity position.
Commenting on the development, Chairman of FirstHoldCo, Femi Otedola, thanked shareholders for their continued confidence and support, noting that their approval of additional capital raising initiatives reflects belief in the Group’s long-term prospects.
He said the capital programme would help preserve the Group’s stability, improve balance sheet quality, and create 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 strategic direction and long-term value proposition.
According to him, the capital injection into FirstBank is both timely and strategic, strengthening the bank’s capital base and positioning it to accelerate growth while maintaining prudent risk management and operational discipline.
He added that the Group remains focused on disciplined capital management, operational efficiency, and unlocking earnings potential as it pursues the next phase of growth.
FirstHoldCo reaffirmed its commitment to strong corporate governance, prudent risk management, and disciplined execution of its strategic priorities as it seeks to consolidate its position as one of Africa’s leading financial services groups.
