NREIT surpasses 120 assets after ₦7bn raise, following the successful completion of its Series 5 fundraising exercise, which strengthened the real estate investment trust’s portfolio and liquidity position. The expansion marks a significant milestone for the Shariah-compliant fund as it continues to grow its presence in Nigeria’s property market.

According to its first-quarter financial statement submitted to the Nigerian Exchange Group, the newly raised capital was used to complete strategic property acquisitions and support working capital needs. Part of the proceeds was deployed to settle the outstanding balance for an additional warehouse facility at the Lagos Free Zone.

Following the capital injection, the trust’s portfolio has grown to more than 120 assets. The holdings include four industrial facilities occupied by blue-chip corporate tenants and 119 corporate residential units leased to diplomatic and corporate occupants on dollar-denominated rental agreements.

The asset expansion coincided with strong financial performance in the first quarter of 2026. Profit before tax increased substantially to ₦3.19 billion, compared with ₦736.56 million recorded during the corresponding period of 2025. Total comprehensive income also rose significantly despite the fund recording a foreign exchange loss during the quarter.

Supported by improved cash inflows, the fund manager announced its 21st consecutive quarterly dividend distribution since inception. Eligible investors are expected to receive payouts under an approved structure that provides different distributions for existing and newly subscribed units, with payments made in the currencies in which rental income was generated.

As of March 31, 2026, the trust’s total assets stood at ₦205.89 billion, up from ₦197 billion recorded at the end of December 2025. Net assets attributable to unitholders closed the quarter at ₦189.86 billion, highlighting continued growth in the fund’s financial position and asset base.

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FirstHoldCo Plc has successfully completed a ₦45 billion private placement, marking another step in its ongoing capital raising programme aimed at strengthening the financial position of FirstBank, its flagship subsidiary.

The transaction was executed at ₦44.06 per share and forms part of the group’s broader strategy to meet regulatory capital requirements and support long-term business expansion.

According to the company, the proceeds from the placement will be channelled into FirstBank to reinforce its capital base, improve lending capacity, and enhance overall financial stability.

The capital raise is also aligned with FirstHoldCo’s ongoing recapitalisation plan, which includes multiple funding stages designed to ensure the group maintains strong compliance with Central Bank of Nigeria requirements while positioning for future growth.

Industry observers note that the transaction reflects continued investor confidence in FirstHoldCo’s restructuring efforts and its long-term strategy to build a stronger balance sheet across its banking operations.

The completion of the ₦45 billion placement follows earlier capital initiatives undertaken by the group as part of a multi-phase fundraising programme aimed at achieving a more resilient financial structure.

Analysts also suggest that the additional capital injection could improve FirstBank’s capacity to expand credit to key sectors of the economy, including retail, corporate, and small business lending.

With the latest placement concluded, FirstHoldCo is expected to continue executing its broader capital plan as it works toward strengthening its position within Nigeria’s competitive banking sector.

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