FirstHoldCo Secures ₦45 Billion in Private Placement to Boost FirstBank's Capital

FirstHoldCo Plc announced the successful completion of the second tranche of its private placement program, raising ₦45 billion. This capital injection is earmarked for its flagship subsidiary, First Bank of Nigeria Limited (FirstBank), aiming to bolster its capital base and strengthen its balance sheet.

The funds are crucial for FirstBank's capital restoration plan and are part of a broader strategy to meet the Central Bank of Nigeria's (CBN) recapitalization directive. With approximately ₦270 billion previously injected, this latest capital action brings FirstHoldCo closer to the ₦500 billion minimum capital requirement ahead of the March 31, 2026 deadline.

Beyond regulatory compliance, the capital raise enhances FirstBank's financial resilience and capacity for strategic growth. It positions the bank to pursue lending opportunities, expand digital banking services, and strengthen its market position across various banking segments. The successful completion underscores investor confidence in FirstHoldCo's management and long-term direction.

FirstHoldCo remains committed to raising the remaining ₦221 billion of its ₦350 billion private placement program. Furthermore, with shareholder approval, the company aims to increase its paid-up share capital to ₦1 trillion. This strategic capital management follows a strong performance in Q1 2026, where FirstHoldCo reported a 72.2% year-on-year increase in Profit Before Tax and a 27% rise in gross earnings.