FirstHoldCo raises ₦45 billion to boost FirstBank's capital

First HoldCo Plc (“FirstHoldCo” or “the Group”) has informed the Nigerian Exchange Limited (NGX), its shareholders, and the public that it has completed the ₦45 billion second part of its ongoing ₦350 billion Private Placement program. This follows approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The money will go to First Bank of Nigeria Limited (“FirstBank”), which is the Group’s main subsidiary. This is part of its plan to restore capital and strengthen its overall finances.

This capital raise will help make FirstBank financially stronger, increase its capacity, and show the Group's commitment to keeping the Bank’s leading position, regulatory strength, and competitiveness for the long term.

With about ₦270 billion already invested into FirstBank, the Group is making good progress towards meeting the ₦500 billion minimum capital requirement set by the CBN. This needs to be done by March 31, 2026, which is the deadline.

This new funding also allows FirstBank to pursue its growth plans with more confidence. It improves the Bank’s ability to provide quality loans, enhance digital banking, and grow its customer base in corporate, commercial, retail, and cross-border banking while managing its capital wisely.

Completing this tranche is another important step in FirstHoldCo’s capital program. It shows that investors still believe in the Group's strong franchise, quality earnings, and solid governance. It also shows the confidence in FirstHoldCo’s ability to strengthen its core banking and provide long-term value to shareholders.

After successfully completing this second tranche of the ₦350 billion Private Placement program approved at the 13th Annual General Meeting (AGM) on May 22, 2025, FirstHoldCo will now work to raise the remaining ₦221 billion.

Additionally, with approval from shareholders at the 14th AGM on May 29, 2026, the Company is set to increase its paid-up share capital to ₦1 trillion.

This extra capital builds on the Group’s good performance. In the first quarter of 2026, FirstHoldCo recorded a 72.2% year-on-year increase in Profit Before Tax to ₦321 billion. Gross earnings also rose by 27% year-on-year, mainly due to growth in interest income and non-funded revenues.

The Group kept a strong funding base, with customer deposits reaching ₦18.4 trillion and a CASA ratio at FirstBank Nigeria of 93.8%. This shows the strength of the franchise, the quality of its liquidity, and the trust of customers and stakeholders.

Femi Otedola (CON), the Group Chairman of FirstHoldCo Plc, commented on the successful capital raise:

“We appreciate our shareholders for their continued support, shown in the successful completion of this capital raise and their approval at the 14th Annual General Meeting on May 29, 2026, to raise FirstHoldCo's paid-up capital to ₦1 trillion.

“Their support shows a strong belief in our franchise's strength, our business model's resilience, and the opportunities ahead for FirstHoldCo. I thank our shareholders for standing with us as we take the necessary steps to maintain the Group’s stability and improve balance sheet quality.”

Wale Oyedeji, the Group Managing Director of FirstHoldCo Plc, also commented:

“The successful completion of this ₦45 billion tranche shows strong support for FirstHoldCo’s strategic direction and franchise strength. This investment in FirstBank is timely and strategic. It boosts the Bank’s capital base and positions it to grow in key areas while staying focused on prudent and disciplined execution.

“As we proceed with FirstBank’s capital restoration plan, we are committed to efficient capital management and maximizing our businesses' earnings. Our actions are deliberate, forward-looking, and will enhance our competitive edge and market confidence.”

FirstHoldCo is committed to strong governance, careful risk management, disciplined capital allocation, and consistently following its strategic priorities to strengthen its position as a leading financial services group in Africa.