Shareholders of First HoldCo Plc, the parent company of FirstBank of Nigeria, have approved a capital raise of up to N253.099 billion as the financial institution intensifies efforts to achieve a N1 trillion paid-up capital base.
The approval was granted during the company’s 14th Annual General Meeting held virtually on Friday, May 29, 2026.
The planned capital raise forms part of the group’s broader strategy to strengthen its balance sheet and reinforce its position among Nigeria’s leading banking institutions.
Speaking during the AGM, Chairman of First HoldCo, Femi Otedola, stated that the proposed capital raise remains subject to approvals from relevant regulatory authorities.
According to him, the transaction may be executed through multiple 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 said.»
He explained that the capital raising exercise could involve public offers, private placements, rights issues, bonus issues, scrip dividends, or other equity instruments across Nigerian and international capital markets.
Otedola added that pricing for the transaction would be determined through a book-building process or other approved valuation methods, depending on regulatory clearance.
The chairman further disclosed that directors of the company had been empowered to take all necessary steps to ensure the listing and admission of any securities issued under the transaction on the Nigerian Exchange Limited or any other approved securities market.
Move Comes After FirstBank Met CBN Capital Requirement
The latest capital mobilisation initiative comes shortly after FirstBank of Nigeria met the Central Bank of Nigeria’s N500 billion minimum capital requirement for banks with international authorisation.
First HoldCo’s new target of N1 trillion in paid-up capital is significantly above the regulatory threshold, highlighting the group’s aggressive capital strengthening strategy.
The financial institution has already implemented a multi-pronged recapitalisation plan involving rights issues, private placements, and asset divestments.
In March 2026, the group completed a N45 billion private placement aimed at improving its equity position.
It has also moved ahead with the divestment of its merchant banking subsidiary, FBNQuest, as part of efforts to optimise capital allocation and improve operational efficiency.
