…as FirstBank meets N500bn regulatory capital requirement
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First Bank of Nigeria (FirstBank), the commercial banking subsidiary of First Holdco Plc, has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of N500 billion.
First Holdco said in a recent notice that the N500billion capital raise milestone by the bank was achieved following the completion of a series of strategic capital initiatives.
These initiatives include: a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.
Early last year, First HoldCo Plc successfully concluded the first phase of its capital raising exercise for a N150 billion rights issue. First HoldCo said the exercise recorded subscriptions totalling N187.6 billion — exceeding the initial target by over 25 percent.
First Holdco Plc had on November 27, 2025 informed the Nigerian Exchange Limited (NGX) and the investing public that it has successfully completed the full divestment of its 100percent ownership in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP. The transaction was finalised after obtaining all necessary regulatory approvals from the Central Bank of Nigeria (CBN).
The recapitalisation strengthens the Group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, technological innovation, and the pursuit of new opportunities.
Last month, billionaire investor and chairman of First Holdco Plc, Femi Otedola increased his stake in the company after acquiring additional shares valued at N14.8 billion, lifting his ownership in the financial holding company to more than 18 percent. According to First Holdco Plc filing at the NGX, the shares were acquired through Calvados Global Services Limited, an investment firm linked to Otedola. He purchased those 369,986,122 shares of First HoldCo at N40.06 per share on December 18.
That acquisition builds on a series of purchases by the businessman in recent months. On September 25, 2025, Otedola expanded his holding with the purchase of 64.87 million shares valued at N2.01 billion. Then, First HoldCo said the chairman bought 39.3 million shares directly on September 23, worth about N1.2 billion, and an additional 25.6 million shares indirectly, valued at N793.6 million, through Calvados. That transaction then raised Otedola’s stake in the company to 16.1 percent, up from 13.15 percent in September 2024.
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Two months ago, First Ally Capital Limited, a related company to Ebenezer Olufowose, chairman, First Bank of Nigeria Limited purchased 64,516,129 shares of First Holdco Plc at N31.05 per share. The share purchase transaction at the Nigerian Exchange Limited (NGX) was done on November 25, according to a notification of share dealing by insiders filed by First Holdco Plc.
First Holdo stock price had reached a 52-week high of N55.3 and a corresponding week low of N23.55. The stock increased slightly to N48.95 on Monday January 5. First Holdco now has 44.453 billion shares outstanding, putting its market valuation at N2.176trillion.
CardinalStone Research analysts in their December 1, 2025 note asked investors to buy First Holdco share. The analysts in the commentary titled “Positive re-rating backed by real earnings strength,” said they maintain an optimistic view for FirstHoldco’s Net-Interest Income (NII), revising their Full Year (FY) 2025 estimates upward by 15.5percent.
“This revision was prompted by the notable strength in FirstHoldco’s NIM, maintaining its upward trajectory (+1.3 percentage points YtD to 11.3 percent in 9M’25). Precisely, NII is expected to reach N2 trillion and serve as the key driver for the upward revision of our Profit After Tax (PAT) forecast to N623.9 billion (from N540.2 billion previously),” they said.
“Nevertheless, our earnings projection represents a 6 percent year-on-year (YoY) decline in PAT, which translates to a 24.1 percent YoY decline in earnings per share (EPS) to N14.19 (with an expanded share base, following the expected conclusion of the N122 billion private placement in Q4’25),” CardinalStone Research further said.
“In FY’26, we anticipate a strong rebound in FirstHoldco’s earnings (+19.3percent YoY to N744.3 billion) anchored by: a cautious 15 percent loan-growth assumption, combined with efficient deployment of capital across other Interest Earning Assets (IEAs); a moderation in cost-of-risk, following the balance sheet clean-up and exit of loan forbearances; stronger growth in Non-Interest Revenue (NIR), driven primarily by enhanced digital capabilities; and a tempered growth in operating expenses (OPEX) on the back of moderation in inflation and high-base effect,” they said.
As investors focus shifts to earnings season, the Board of Directors of First HoldCo Plc will meet on Thursday, January 29, 2026, to consider its Unaudited Accounts for the period ending
December 31, 2025. Already, the closed period commenced on Thursday, January 1, 2026 and will continue until twenty-four (24) hours after the Company’s 2025 fourth-quarter (Q4) unaudited financial statement (UFS) and 2025 Audited Financial Statements (AFS) are filed at the Nigerian Exchange Limited (NGX).
Recently, First Bank of Nigeria Limited, the flagship subsidiary of First HoldCo Plc successfully redeemed its $350 million Eurobond which matured on October 27, 2025. The Eurobond, issued in October 2020 as Senior Notes at an 8.625 percent coupon rate with semi-annual interest payments, was 70 percent oversubscribed at issuance, reflecting FirstBank’s strong market reputation and the enduring confidence of international investors in the institution’s stability and governance.
Proceeds from the issuance were deployed to support strategic customer projects and key national initiatives, reinforcing FirstBank’s pivotal role in Nigeria’s economic development. This redemption marks another milestone in the bank’s disciplined liability management strategy, underscoring its robust foreign currency liquidity, prudent risk management, and sound balance sheet.
FirstBank has redeemed an aggregate of $1.275 billion across four (4) Eurobond maturities since its inaugural issuance in 2007, further cementing its standing as a consistent and credible issuer in global capital markets.
