FirstHoldCo completes ₦45 billion private placement tranche for FirstBank capital boost
First HoldCo Plc has completed the ₦45 billion second tranche of its ₦350 billion Private Placement programme, securing CBN and SEC approvals. The funds inject into FirstBank of Nigeria Limited to meet the ₦500 billion minimum capital requirement by March 31, 2026 deadline.
This follows ₦270 billion previously injected into FirstBank, with ₦221 billion remaining to be raised. The company also secured shareholder approval to increase paid-up share capital to ₦1 trillion. In Q1 2026, FirstHoldCo posted 72.2% year-on-year profit growth to ₦321 billion, with gross earnings rising 27% YoY.
Customer deposits reached ₦18.4 trillion, with a 93.8% CASA ratio at FirstBank. The capital injection strengthens the bank's lending capacity, digital banking capabilities, and positions it for growth across corporate, commercial, and retail markets.
Group Chairman Femi Otedola and GMD Wale Oyedeji both emphasized the transaction reflects investor confidence in the franchise's strength and strategic direction. The funding supports regulatory compliance while enabling expanded operations across banking markets.
With banking sector consolidation intensifying, does this capital injection signal FirstHoldCo positioning as a stronger competitor for your business deposits and loans?