What is happening to FirstBank?
First Bank of Nigeria Ltd. has seen a notable financial recovery in the first half of 2026. On July 31, 2026, S&P Global Ratings affirmed the bank's 'B-/B' global scale ratings and moved its outlook to stable, removing the institution from CreditWatch Negative. This follows a successful capital injection of ₦45 billion by its holding company and significant retained earnings, which restored the bank's capital adequacy ratio (CAR) to 16.7% as of June 30, 2026, well above the 15% regulatory minimum. While profitability has rebounded, asset quality remains a focus; the bank is working to lower its non-performing loan (NPL) ratio, which stood at 13.9% in June 2026, as it continues to balance a concentrated loan portfolio focused heavily on the oil and gas sector.
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