First HoldCo Plc has raised an additional ₦45 billion through the second tranche of its ongoing private placement programme, bolstering the capital position of its banking subsidiary, First Bank of Nigeria Limited, as the group intensifies efforts to meet regulatory capital requirements and fund future growth.
The company announced that the fundraising exercise received the necessary approvals from the Central Bank of Nigeria and the Securities and Exchange Commission, paving the way for the deployment of the proceeds into FirstBank.
The latest capital injection forms part of FirstBank's capital restoration programme and is expected to strengthen the lender's balance sheet, improve its lending capacity and support expansion across key business segments.
With the fresh ₦45 billion raise, FirstHoldCo has now channelled approximately ₦315 billion into FirstBank, following an earlier injection of about ₦270 billion. The move represents significant progress toward meeting the Central Bank's recapitalisation requirements for commercial banks.
The financial holding company said the additional capital would enable FirstBank to pursue growth opportunities in retail, commercial, corporate and cross-border banking while enhancing its digital banking offerings and transaction services.
The successful completion of the second tranche also signals continued investor confidence in the group's strategy and financial outlook, according to the company.
FirstHoldCo, however, disclosed that it still plans to raise an outstanding ₦221 billion under the ₦350 billion private placement programme approved by shareholders at its 2025 annual general meeting.
The group is also preparing for a broader capital expansion after shareholders at its 2026 annual general meeting approved plans to increase its paid-up share capital to ₦1 trillion.
Chairman of FirstHoldCo, Femi Otedola, said the support received from shareholders reflects confidence in the institution's long-term prospects and commitment to building a stronger financial services group.
He noted that the capital programme is designed not only to satisfy regulatory requirements but also to improve the group's financial strength and create sustainable value for shareholders.
"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," Otedola said.
Group Managing Director, Wale Oyedeji, described the successful completion of the latest tranche as a strong endorsement of the group's strategic direction and growth plans.
According to him, the fresh capital will enhance FirstBank's ability to compete effectively in a rapidly evolving banking landscape while maintaining prudent capital management and operational discipline.
He added that the group remains focused on unlocking growth opportunities, improving efficiency and maximising returns from its businesses.
The capital raise comes on the back of a robust first-quarter financial performance. FirstHoldCo reported a profit before tax of ₦321 billion for the first three months of 2026, representing a 72.2 per cent increase from the corresponding period of last year.
Gross earnings also rose by 27 per cent year-on-year, driven by growth in both interest income and non-interest revenue streams.
The group further reported customer deposits of ₦18.4 trillion and a Current Account Savings Account ratio of 93.8 per cent at FirstBank, underscoring what it described as strong customer confidence and a solid liquidity position.
Analysts say the ongoing capital-raising efforts place FirstHoldCo among the leading financial institutions responding aggressively to the Central Bank's recapitalisation directive, while positioning the group to take advantage of emerging opportunities in Nigeria's banking sector and across African markets.
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