First HoldCo Plc has successfully completed a ₦45 billion private placement at ₦44.06 per share, marking another significant milestone in its ongoing capital raising programme.
The transaction is expected to further strengthen the capital base of FirstBank, the group’s flagship banking subsidiary, as regulatory recapitalisation efforts continue across Nigeria’s banking industry.
According to the company, the successful completion of the placement reflects sustained investor confidence in the group’s long-term strategy, governance framework, and financial performance.
The latest fundraising exercise represents the second tranche of the ₦350 billion private placement programme previously approved by shareholders.
Following the completion of this tranche, the company disclosed that it remains committed to raising the outstanding ₦221 billion required under the broader capital programme.
The development comes as FirstHoldCo intensifies efforts to build one of the strongest capital positions in Nigeria’s financial services sector.
At its 14th Annual General Meeting, shareholders approved plans that position the group to strengthen its paid-up share capital to ₦1 trillion through a combination of capital raising initiatives.
The proposed capital target would place the financial institution well above the Central Bank of Nigeria’s minimum capital requirement for banks operating with international licences.
Industry analysts view the recapitalisation drive as a strategic move aimed at enhancing financial resilience, supporting business expansion, and improving competitiveness within the banking sector.
The capital raising programme follows earlier successes, including an oversubscribed rights issue that demonstrated strong shareholder participation and investor appetite.
Recent financial results have also strengthened investor sentiment, with the group reporting significant growth in profitability and earnings performance.
Company executives have maintained that stronger capital buffers will provide greater flexibility for innovation, lending growth, and long-term value creation.
The successful placement further reinforces FirstHoldCo’s position as one of the leading financial services groups pursuing aggressive balance sheet expansion in response to evolving regulatory and market demands.
With additional fundraising plans still underway, investors and market observers will closely monitor the group’s progress toward achieving its ambitious ₦1 trillion capital base target.