Shareholders Commit to Future Injection of More Capital to the Group’s Other Subsidiaries

FirstBank Meets CBN Capital Threshold

First HoldCo Plc (“FirstHoldCo” or “the Group”) has confirmed that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦500 billion.

Interestingly, the Group achieved this milestone after completing a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of its merchant banking subsidiary.

Market Confidence and Strategic Positioning

However, this successful capitalisation reflects strong market confidence in FirstHoldCo Group’s business model, long term strategy, and growth prospects. With a strengthened capital base, FirstBank is now positioned to accelerate support for the real sector, deepen financial inclusion, and deliver innovative, digitally driven customer experiences.

Strengthening Financial Resilience

So, beyond the banking subsidiary, the recapitalisation reinforces the Group’s overall financial resilience. As a result, FirstHoldCo now operates from a stronger platform to drive earnings growth through business expansion, technological innovation, and the pursuit of new opportunities.

Meeting Regulatory Timelines Ahead of Schedule

Meanwhile, in March 2024, the CBN directed commercial banks to raise their capital base to a minimum of ₦500 billion within a 24 month period to strengthen the stability and capacity of Nigeria’s banking sector. FirstBank has fulfilled this requirement well ahead of the regulatory deadline.

Plans for Further Capital Injection

In a related development, FirstHoldCo has expressed its intention to raise fresh funding and inject additional capital into the Group’s existing subsidiaries and new business adjacencies in 2026. This forward looking commitment is aimed at enhancing service offerings and supporting strategic expansion across the Group.

Chairman Reacts

Commenting on the achievement, Mr. Femi Otedola, CON, Chairman of First HoldCo Plc, said,
“On behalf of the Board, I extend our profound gratitude to our shareholders for their trust and unwavering support throughout this capitalisation programme.

From the oversubscribed Rights Issue to the seamless Private Placement, investors have demonstrated resounding confidence in our strategic direction.

Securing FirstBank’s capital base ahead of schedule is a testament to our collective commitment and positions us firmly for our next growth phase. We also appreciate the professional guidance of the CBN and SEC throughout this process.”

Group Managing Director’s Perspective

In addition, Mr. Wale Oyedeji, Group Managing Director of First HoldCo Plc, said, “This successful capital raise is a pivotal milestone for FirstHoldCo. It provides us with the financial strength to execute our core strategic priorities: driving innovation, delivering superior customer value, and enhancing sustainable profitability.

Moreover, with this solid foundation, we are focused on accelerating performance, improving competitive returns, and delivering lasting value to all our stakeholders.”

About FirstHoldCo Plc

Moreso, First HoldCo Plc is a Lagos based financial services group focused on building a more inclusive and sustainable financial future. Its diversified structure spans banking, asset management, insurance brokerage, and capital markets operations.

Similarly, by combining strategic oversight with a strong commitment to innovation and integrity, the Group enables its subsidiaries to deliver superior solutions and service. Every aspect of its operations is driven by a vision to generate lasting stakeholder value through responsible, high performance growth.