FirstHoldCo Completes ₦45 Billion Private Placement Tranche
First HoldCo Plc, commonly referred to as FirstHoldCo, has announced significant progress in its financial strategy. The company has received all necessary approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), successfully concluding the second tranche of its ongoing ₦350 billion private placement program, amounting to ₦45 billion.
The newly acquired funds will be allocated to FirstBank of Nigeria Limited, FirstHoldCo’s flagship subsidiary, as part of a comprehensive capital recovery plan and a broader initiative to fortify the Group’s balance sheet.
This capital infusion not only enhances FirstBank’s financial stability but also expands its capacity to operate and reinforces the Group’s pledge to sustain the Bank’s leadership position, regulatory compliance, and competitiveness in the long term. With approximately ₦270 billion already injected into FirstBank, the Group is moving decisively towards meeting the minimum capital requirement of ₦500 billion mandated by the CBN by the March 31, 2026 deadline.
This financial bolstering allows FirstBank to exceed mere regulatory compliance. It empowers the institution to pursue an aggressive growth agenda, which includes enhancing quality lending practices, expanding its digital and transaction banking capabilities, and seizing opportunities across corporate, commercial, personal, and cross-border banking sectors—all while maintaining prudent capital management.
Investor Confidence in FirstHoldCo Reinforced
The successful closure of this tranche is a key milestone in FirstHoldCo’s strategic capital program. It illustrates the unwavering confidence investors have in the Group’s solid franchise, robust earnings, high governance standards, and future trajectory.
Following the completion of this critical phase of the ₦350 billion private placement initiative, which gained approval during the 13th Annual General Meeting on May 22, 2025, FirstHoldCo aims to raise an outstanding ₦221 billion in additional capital. The Company is also planning to increase its paid-up capital to ₦1 trillion, contingent upon shareholder approval at the upcoming 14th General Meeting scheduled for May 29, 2026.
This influx of capital is expected to accelerate the Group’s positive operating momentum. In the first quarter of 2026, FirstHoldCo reported a remarkable 72.2% year-on-year increase in pre-tax profit, reaching ₦321 billion, in addition to a 27% growth in gross profit spurred by rising interest and non-cash income.
The Group maintains a robust financial position with total customer deposits of ₦18.4 trillion and an impressive CASA ratio of 93.8% at First Bank Nigeria. This reflects not only the depth of its operational network but also a strong liquidity profile and the confidence of its customers and stakeholders.
Leadership Insights on Future Growth
Femi Otedola (CON), the Group Chairman of FirstHoldCo Plc, expressed gratitude towards the shareholders for their continued trust, which has been pivotal in the completion of this capital increase. He emphasized that this support signifies the strength and resilience of FirstHoldCo’s business model and its potential for future growth.
Wale Oyedeji, Group Managing Director of FirstHoldCo Plc, highlighted the strategic significance of the recent ₦45 billion tranche. He mentioned that it confirms the Group’s direction, reinforces the strength of its franchise, and bolsters investor confidence in its long-term value proposition. Oyedeji underscored that this capital injection is both timely and strategic, enabling FirstBank to fortify its balance sheet and accelerate growth across its key sectors.
As FirstHoldCo continues to implement its capital recovery plan, the focus remains on disciplined capital management, operational efficiency, and maximizing earnings potential. The ongoing initiatives are envisioned as deliberate and forward-looking, aimed at enhancing competitive positioning and attracting further market confidence.
FirstHoldCo is steadfast in its commitment to strong governance, prudent risk management, and disciplined capital allocation, all while consistently executing its strategic objectives. This positions the Group as one of Africa’s leading financial service providers, prepared to seize upcoming opportunities in the evolving business landscape.
