LAGOS — FirstHoldCo Plc said it has completed a private share placement as part of its broader capital-raising programme, strengthening its capital position as the Nigerian financial services group moves toward regulatory and strategic capital targets.
The company disclosed the completion of the placement in a filing and related statements released this week, saying the transaction forms part of an approved plan to increase capital resources and support future growth. FirstHoldCo is the parent company of FirstBank, one of Nigeria’s largest banking groups by assets and customer base.
The share placement follows shareholder approval obtained at the company’s annual general meeting in May for a capital-raising programme designed to help the group reach a paid-up capital base of about 1 trillion naira through a combination of equity instruments, including private placements, rights issues and public offerings, according to company disclosures.
FirstHoldCo said the new capital would enhance financial flexibility, strengthen regulatory capital buffers and support expansion across its banking and non-banking operations. The group has been pursuing a multi-stage recapitalisation strategy amid higher capital requirements across Nigeria’s banking sector.
“The approval by our shareholders to raise up to N1 trillion in capital marks a defining moment in the evolution of FirstHoldCo,” Chairman Femi Otedola said in an earlier company statement outlining the programme. He said the initiative was aimed at supporting sustainable growth and strengthening the institution’s long-term position.
Group Chief Executive Officer Wale Oyedeji said the capital programme would provide additional financial strength and flexibility for strategic priorities, including business expansion and digital transformation initiatives, according to company statements.
The capital-raising effort comes after the company completed earlier fundraising transactions and corporate restructuring measures, including asset disposals and recapitalisation initiatives, which executives said were intended to improve efficiency and reinforce the balance sheet.
Analysts and investors have closely monitored the banking sector’s response to evolving regulatory capital requirements announced by Nigerian authorities. Several lenders have launched fundraising programmes over the past year to strengthen capital positions and maintain growth capacity. Details of investor participation in the latest placement were not immediately available, and FirstHoldCo did not disclose additional information beyond regulatory filings.
As of Thursday, the company said the proceeds from the placement would be deployed in line with its approved capital strategy. Regulatory filings show the broader capital programme remains ongoing, with the board authorised to pursue additional fundraising measures subject to market conditions and regulatory approvals.
