FirstHoldCo Plc said it has completed a ₦45 billion private placement to strengthen FirstBank’s capital base and support its growth plans.
It announced this in a statement seen by Pinnacle Daily on Thursday.
According to the parent company of First Bank of Nigeria Limited (FirstBank), it had secured all approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for the second tranche of its ongoing ₦350 billion private placement programme.
The proceeds will be injected into FirstBank as part of the bank’s capital restoration plan and efforts to strengthen its balance sheet.
The latest capital raise adds to the approximately ₦270 billion already injected into FirstBank at the time the group moved to meet the CBN’s ₦500 billion minimum capital requirement ahead of the March 31, 2026, deadline.
FirstHoldCo said the additional funding would improve FirstBank’s financial strength, expand its lending capacity and support growth across corporate, commercial, retail and cross-border banking operations.
READ ALSO:
- Dangote Refinery to Launch IPO in September as Investor Demands Hit $2bn
- FCMB Raises ₦242.8bn to Meet CBN International Banking Rule
- Higher Electricity Cost Looms as NMDPRA Raises Gas Price for GenCos
- IMF Report: FG Rules Out New Fuel, Telecom Taxes
The bank also plans to deepen its digital and transaction banking services while maintaining prudent capital management.
The group said the successful completion of the tranche reflects strong investor confidence in its business model, earnings performance, governance standards and long-term strategy.
It added that it remains committed to raising the outstanding ₦221 billion under the private placement programme.
The capital raising effort comes as shareholders have also approved plans to increase FirstHoldCo’s paid-up share capital to ₦1 trillion at the company’s 14th Annual General Meeting held on May 29, 2026.
The group said the fresh capital builds on strong business performance recorded in the first quarter of 2026.
Profit before tax rose by 72.2 per cent year-on-year to ₦321 billion, while gross earnings increased by 27 per cent.
Customer deposits stood at ₦18.4 trillion, while FirstBank Nigeria maintained a Current Account Savings Account ratio of 93.8 per cent.
Commenting on the development, Group Chairman of FirstHoldCo, Femi Otedola, 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.
He added, “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, Wale Oyedeji, said the completion of the tranche showed investor confidence in the group’s strategy and prospects.
“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.”
He also added, “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.”
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X