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FirstHoldCo shareholders approve capital raise to N253.099, as group targets N1tn
Shareholders of First HoldCo Plc have approved plans by the Board to shore up the capital base of the group to N253.099 billion as it aims to hit a paid-up capital of N1 trillion, comprising share capital and share premium.
The approval was granted at the company’s 14th Annual General Meeting (AGM) held virtually on Friday.
The move will place First Bank, the group’s flagship banking subsidiary, significantly above the Central Bank of Nigeria’s N500 billion minimum capital requirement for Tier-1 banks.
The capital raising initiative forms part of the group’s broader strategy to reinforce its balance sheet, deepen financial resilience and create a stronger platform for future growth amid ongoing reforms in the banking sector.
Speaking at the AGM, Chairman of First HoldCo, Femi Otedola, said the proposed capital raise would be executed subject to regulatory approvals and could be implemented through a combination of capital market instruments.
“That the company be and is hereby authorised to undertake a capital raise of up to N253.099 billion to achieve N1 trillion paid-up capital comprising share capital and share premium,” Otedola told shareholders.
According to him, the transaction could be undertaken through public offerings, private placements, rights issues, bonus issues, scrip dividends or other equity instruments in both the Nigerian and international capital markets.
He added that pricing would be determined through a book-building process or other valuation methods approved by regulators.
Otedola further disclosed that the board had been authorised to take all necessary steps to secure the listing and admission of any securities issued under the capital raise programme on the Nigerian Exchange Limited or other securities markets.
It would be recalled that First HoldCo recently completed a N45 billion private placement and has also pursued strategic restructuring measures, including the divestment of its merchant banking subsidiary, FBNQuest, to strengthen its capital position.
First HoldCo’s financial statement rose in the first quarter of 2026, with profit before tax surging by 72.2 per cent to N321.1 billion, signalling a strong rebound in earnings and reinforcing investor confidence in its long-term growth strategy.
