FirstHoldCo Completes ₦45bn Private Placement

First HoldCo Plc has completed a ₦45 billion private placement, with the proceeds to be injected into First Bank of Nigeria Limited to strengthen the bank’s capital base and support its growth plans.

The company said the transaction forms part of its ongoing capital raising programme and has received the required approvals from the Central Bank of Nigeria and the Securities and Exchange Commission.

FirstHoldCo said the proceeds from the private placement will support FirstBank’s capital restoration plan, expand its balance sheet capacity, and strengthen its ability to grow lending, digital banking, transaction banking, and other core business lines.

The group had previously injected about ₦270 billion into FirstBank as part of efforts to meet the Central Bank of Nigeria’s recapitalisation requirement for banks with international authorisation.

The latest ₦45 billion raise is part of FirstHoldCo’s broader ₦350 billion private placement programme. The company said it remains committed to raising the outstanding balance under the programme.

The capital raise also comes after shareholders approved a plan at the company’s recent Annual General Meeting to move FirstHoldCo’s paid up share capital toward ₦1 trillion

FirstHoldCo said the new capital injection is expected to improve FirstBank’s financial resilience and support its competitive position in Nigeria’s banking industry. The compan

According to FirstHoldCo, profit before tax rose by 72.2 percent year on year to ₦321 billion in the first quarter of 2026. The group also reported gross earnings growth of 27 percent over the same period.

Customer deposits stood at ₦18.4 trillion, which the company said reflected the strength of the FirstBank customer base and deposit franchise.

FirstHoldCo also said FirstBank Nigeria recorded a current and savings account ratio of 93.8 percent, indicating that a large portion of its deposits came from low cost customer funds.

Group Chairman of FirstHoldCo Plc, Femi Otedola, said the support of shareholders reflected confidence in the group’s franchise and future opportunities.

“Our shareholders’ support reflects a shared conviction in the strength of our franchise and the significant opportunities ahead,” Otedola said.

He thanked shareholders for backing the capital raise and approving the company’s plan to increase its paid up capital.

Group Managing Director of FirstHoldCo Plc, Wale Oyedeji, said the completion of the ₦45 billion tranche would further strengthen FirstBank’s capital base and support growth across key business areas.

He said the group would continue to focus on capital management, operational efficiency, and the earnings potential of its businesses.

FirstHoldCo said the capital programme is part of its strategy to strengthen governance, improve risk management, support long term shareholder value, and maintain FirstBank’s position as one of Nigeria’s leading banking institutions.

The company said the new capital will also support FirstBank’s capacity to serve corporate, commercial, retail, and cross border banking customers.

FirstBank is the flagship banking subsidiary of FirstHoldCo and remains one of Nigeria’s oldest and largest financial institutions.

The latest transaction adds to the group’s ongoing recapitalisation moves as Nigerian banks continue to adjust to the Central Bank of Nigeria’s new capital requirements.