FirstHoldCo Plc has unveiled plans to raise up to N253 billion in fresh equity capital as it targets a landmark N1 trillion paid-up capital base, positioning itself to become Nigeria’s first trillion-naira capitalised financial institution.
The proposal, disclosed ahead of the company’s Annual General Meeting (AGM), forms part of the group’s broader strategy to strengthen its balance sheet and reinforce long-term growth ambitions amid Nigeria’s post-recapitalisation banking landscape.
The financial services group, which owns First Bank of Nigeria, said the capital raise could be executed through multiple equity-related transactions across Nigerian and international capital markets.
According to the notice to shareholders, the proposed fundraising would amount to “up to N253,099,328,580.50” through mechanisms including public offers, private placements, rights issues, bonus issues, scrip dividends, or other equity instruments.
“That the Company be and is hereby authorised to undertake a capital raise of up to N253,099,328,580.50 to achieve N1 trillion paid up capital comprising share capital and share premium,” the company stated.
The group further explained that pricing for the transaction could be determined through a book-building process or any other valuation method approved by the board and regulators.
Push for stronger capital position
Data from the company’s Q1 2026 financial statement shows that FirstHoldCo currently has total share capital and share premium of N480.6 billion, while shareholders’ funds stand at N3.4 trillion.
If fully executed, the additional N253 billion capital injection would raise the group’s qualifying capital to roughly N733 billion, making it the largest capitalised banking institution in Nigeria.
At its current market price of N67.8 per share, analysts estimate the company may need to issue approximately 3.73 billion additional ordinary shares, adding to its existing 44.4 billion shares outstanding.
The move comes after the Central Bank of Nigeria concluded the country’s 24-month banking recapitalisation exercise, during which Nigerian banks collectively raised about N4.65 trillion to meet new minimum capital requirements.
The apex bank said the exercise improved capital adequacy ratios across the industry and strengthened banks’ ability to absorb financial shocks while supporting economic growth.
Among the leading banking groups that met the N500 billion minimum requirement for international banking licences are United Bank for Africa Plc, Guaranty Trust Holding Company Plc, Access Holdings Plc, and Zenith Bank Plc.
Strong Q1 earnings support expansion drive
FirstHoldCo’s capital raise plans come on the back of strong first-quarter earnings growth.
The group reported a pre-tax profit of N321.12 billion for Q1 2026, representing a 72.2% increase from the N186.48 billion recorded in the corresponding period of 2025.
Profit after tax rose to N267.8 billion, up 56.5% year-on-year from N171.1 billion, while earnings per share climbed to N6.00 from N4.72 in the same period last year.
The company’s shares also gained momentum on the Nigerian equities market, reflecting renewed investor confidence following the earnings release and recapitalisation developments.
