FirstBank Gets N45bn Capital Boost as Parent Advances Private Placement

First HoldCo Plc, the parent of Nigeria’s oldest bank, has completed a ₦45 billion second tranche of its ongoing ₦350 billion private placement programme after securing required approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission.

The group, in a notification to the Nigerian Exchange Limited, said proceeds from the tranche will be injected into First Bank of Nigeria Limited, its flagship subsidiary, as part of a capital restoration plan and broader balance sheet strengthening programme. The move is intended to boost FirstBank’s financial resilience, expand balance sheet capacity and support its competitiveness under the CBN’s ongoing banking recapitalisation drive.

“With approximately ₦270 billion previously injected into FirstBank, the group demonstrated disciplined execution toward meeting the ₦500 billion minimum capital requirement under the CBN’s recapitalisation directive ahead of the March 31, 2026, deadline,” it said.

The company said the additional capital will support its growth agenda, including expanding quality lending, scaling digital and transaction banking, accelerating customer acquisition and deepening opportunities across corporate, commercial, retail and cross-border banking, while maintaining prudent capital management.

It described the completion of the tranche as a milestone that reflects sustained investor confidence in its earnings quality, governance standards and strategic direction. It added that, following the second tranche approved at its 13th AGM on May 22, 2025, it remains committed to raising the outstanding ₦221 billion under the private placement programme. The company also said it has shareholder approval from its 14th AGM held on May 29, 2026 to strengthen its paid-up share capital to ₦1 trillion.

The update comes as FirstHoldCo reported strong first-quarter performance in 2026, posting a 72.2% year-on-year increase in profit before tax to ₦321 billion, while gross earnings rose 27% year-on-year, driven by growth in interest income and non-funded revenues. The Group reported customer deposits of ₦18.4 trillion and a 93.8% CASA ratio at FirstBank Nigeria.

Group Chairman Femi Otedola said shareholders’ support underscores confidence in the franchise and the Group’s plan to preserve stability, improve balance sheet quality and build “a stronger platform for enduring value.”

Group Managing Director Wale Oyedeji said the tranche completion endorses the Group’s strategic direction and would strengthen FirstBank’s capital base, enhance capacity and support growth across key businesses, while remaining anchored on “prudence, resilience, and disciplined execution.”