First HoldCo Plc (“FirstHoldCo” or “the Group”) hereby notifies the Nigerian Exchange Limited (NGX), its shareholders, and the investing public that it has successfully completed the N45 billion second tranche of its ongoing N350 billion Private Placement programme, having secured all requisite approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The proceeds will be injected into First Bank of Nigeria Limited (“FirstBank”), the Group’s flagship subsidiary, as part of its capital restoration plan and broader balance sheet strengthening programme.
This capital action further enhances FirstBank’s financial resilience, expands balance sheet capacity, and reinforces the Group’s commitment to sustaining the Bank’s leadership position, regulatory strength, and long-term competitiveness. With approximately N270 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.
Beyond regulatory compliance, this injection positions FirstBank to pursue its strategic growth agenda with greater confidence. It strengthens the Bank’s capacity to deepen quality lending, expand digital and transaction banking capabilities, accelerate customer franchise momentum, and capture opportunities across corporate, commercial, retail, and cross-border banking markets, while maintaining prudent capital management.
The successful completion of this tranche marks another important milestone in FirstHoldCo’s strategic capital programme and underscores sustained investor confidence in the Group’s resilient franchise, quality earnings, governance standards, and long-term direction. It reflects strong market conviction in FirstHoldCo’s ability to execute with discipline, strengthen its core banking franchise, and deliver long-term shareholder value. Following the successful completion of this second tranche of the ₦350 billion Private Placement programme approved at the 13th Annual General Meeting (AGM) on May 22, 2025, FirstHoldCo remains committed to raise the outstanding ₦221 billion. In addition, with shareholder approval secured at the 14th AGM on May 29, 2026, the Company is positioned to strengthen its paid-up share capital to ₦1 trillion.
This additional capital builds on the Group’s strong operating momentum. In Q1 2026, FirstHoldCo delivered a 72.2% year-on-year increase in Profit Before Tax to ₦321 billion, while gross earnings rose 27% year-on-year, driven by continued growth in both interest income and non-funded revenues. The Group also maintained strong funding strength, with customer deposits of ₦18.4 trillion and a CASA ratio at FirstBank Nigeria of 93.8%, underscoring the depth of the franchise, the quality of its liquidity profile, and the confidence of customers and stakeholders.
Beyond regulatory compliance, this injection positions FirstBank to pursue its strategic growth agenda with greater confidence. It strengthens the Bank’s capacity to deepen quality lending, expand digital and transaction banking capabilities, accelerate customer franchise momentum, and capture opportunities across corporate, commercial, retail, and cross-border banking markets, while maintaining prudent capital management.
The successful completion of this tranche marks another important milestone in FirstHoldCo’s strategic capital programme and underscores sustained investor confidence in the Group’s resilient franchise, quality earnings, governance standards, and long-term direction. It reflects strong market conviction in FirstHoldCo’s ability to execute with discipline, strengthen its core banking franchise, and deliver long-term shareholder value. Following the successful completion of this second tranche of the ¦ 350 billion Private Placement programme approved at the 13th Annual General Meeting (AGM) on May 22, 2025, FirstHoldCo remains committed to raise the outstanding ¦ 221 billion. In addition, with shareholder approval secured at the 14th AGM on May 29, 2026, the Company is positioned to strengthen its paid-up share capital to N1 trillion.
This additional capital builds on the Group’s strong operating momentum. In Q1 2026, FirstHoldCo delivered a 72.2% year-on-year increase in Profit Before Tax to ¦ 321 billion, while gross earnings rose 27% year-on-year, driven by continued growth in both interest income and non-funded revenues. The Group also maintained strong funding strength, with customer deposits of ¦ 18.4 trillion and a CASA ratio at FirstBank Nigeria of 93.8%, underscoring the depth of the franchise, the quality of its liquidity profile, and the confidence of customers and stakeholders.
