First HoldCo Plc has raised another ₦45 billion for its flagship subsidiary, First Bank of Nigeria Limited, as the group races to meet the Central Bank of Nigeria's recapitalisation deadline.

The money comes from the second tranche of FirstHoldCo's ₦350 billion Private Placement programme, which shareholders approved at the 13th Annual General Meeting on May 22, 2025. The Central Bank of Nigeria and the Securities and Exchange Commission have both given their nod.

This injection brings the total capital already poured into FirstBank to roughly ₦270 billion. The bank needs to hit the ₦500 billion minimum capital requirement set by the CBN — and the deadline was March 31, 2026. That date has passed, but the group is still raising funds.

FirstHoldCo isn't stopping there. At the 14th AGM on May 29, 2026, shareholders approved plans to push the group's paid-up share capital all the way to ₦1 trillion. The company still has ₦221 billion left to raise under the current programme.

"We are deeply grateful to our shareholders for their continued confidence and support," said Femi Otedola, Group Chairman of FirstHoldCo Plc. "Their support reflects a shared conviction in the strength of our franchise, the resilience of our business model, and the significant opportunities ahead."

Otedola, a billionaire businessman and one of Nigeria's most prominent investors, took over as chairman in January 2024 after a boardroom battle that saw the exit of long-time chairman Tunde Ayeni. He has since been pushing for tighter governance and stronger capital buffers.

Group Managing Director Wale Oyedeji also weighed in. He said the successful raise is "a strong endorsement of FirstHoldCo's strategic direction" and that the injection into FirstBank is "both timely and strategic." Oyedeji, who became GMD in 2022, has been leading the group's capital-raising drive.

The extra capital isn't just about ticking a regulatory box. FirstHoldCo says it'll use the money to deepen lending, expand digital banking, grow transaction banking, and chase opportunities across corporate, commercial, retail, and cross-border markets.

FirstBank's numbers show why investors are still confident. In the first quarter of 2026, FirstHoldCo's profit before tax jumped 72.2% year-on-year to ₦321 billion. Gross earnings rose 27%, driven by both interest income and non-funded revenues. Customer deposits stood at ₦18.4 trillion, and FirstBank's current and savings account (CASA) ratio hit 93.8% — meaning almost all deposits are cheap, sticky funds.

This is the second major capital injection for FirstBank in recent months. The group has been systematically strengthening the bank's balance sheet since the CBN announced its recapitalisation directive in March 2024. That directive required all commercial banks with international authorisation to raise their capital base to ₦500 billion.

FirstHoldCo's shares trade on the Nigerian Exchange Limited. The group also owns other financial services businesses, but FirstBank remains its crown jewel — Nigeria's oldest bank, founded in 1894, with a network spanning the country and subsidiaries in the UK, France, China, and several African nations.