First HoldCo Plc, the parent company of FirstBank, has secured shareholder approval for a multi-tranche capital raising programme of up to ₦253.099 billion. This approval was granted at the company’s 14th Annual General Meeting (AGM) held on 29 May 2026.
The programme will allow the group to raise funds through various instruments, including public offers, private placements, rights issues, bonus issues, and scrip dividends in domestic and international capital markets. This initiative is designed to complement existing capital and accelerate the Group’s pathway to a ₦1 trillion paid-up capital base, comprising share capital and share premium.
A stronger capital base is expected to enhance resilience, expand lending and underwriting capacity, and improve strategic flexibility. It positions FirstHoldCo to capture opportunities that strengthen earnings power and long-term franchise value. This is viewed as a deliberate investment in future competitiveness, profitability, and market leadership, rather than a routine regulatory response.
The ₦1 trillion capital base will equip FirstHoldCo to compete from a position of strength, improving its shock-absorption capacity and strengthening confidence among counterparties and investors. It will enable the business to participate more meaningfully in larger, higher-quality transactions across infrastructure, manufacturing, energy, technology, and other strategic sectors of the Nigerian economy.
Furthermore, the programme aims to expand the Group’s footprint across priority markets and business verticals, enhance its competitiveness among Tier-1 financial institutions, and unlock sustainable long-term value for shareholders. FirstHoldCo is positioning itself to help define the future capital and competitive dynamics of the Nigerian banking ecosystem.
The Group Chairman, Femi Otedola, CON, has been instrumental in driving a significant shift in governance, oversight, and institutional discipline since assuming office in January 2024. He has strengthened board independence and effectiveness, reinforced governance structures, and instilled a culture of accountability, transparency, and performance discipline.
Mr. Otedola’s advocacy for stronger capitalisation across the banking sector stems from a belief that well-capitalised institutions are fundamental to financial system stability, enhanced governance, investor confidence, and sustainable economic growth.
Proceeds from the capital raise will focus on measurable value creation. Key priorities include expanding the balance sheet to support growth in high-quality risk assets, increasing the Group’s capacity to finance large corporates and infrastructure projects, and accelerating investment in digital transformation, technology, data capabilities, and customer experience platforms.
The capital will also support subsidiary recapitalisation, reinforce regulatory headroom, and enable expansion into targeted regional and international markets. This deployment framework is intended to ensure that capital contributes meaningfully to stronger returns, improved resilience, and long-term franchise growth.
The Group has a track record of successful capital raises, including a ₦83.7 billion capital raise and a ₦45.0 billion private placement completed in December 2025 and March 2026, respectively. Prior initiatives include ₦149.6 billion rights issues and capital optimisation efforts. Strategic divestments, such as that of FBNQuest Merchant Bank, have also streamlined operations.
FirstHoldCo reported a 72% year-on-year growth in Profit Before Tax (PBT) to ₦321.1 billion in Q1 2026, with an industry-leading Return on Equity (ROE) of 31.6% (annualised). This performance reflects a turnaround driven by the resolution of legacy risk exposures, enhanced risk management, and strengthened loan recovery efforts.
Group Chairman Femi Otedola stated, “The approval by our shareholders to raise up to ₦1 trillion in capital marks a defining moment in the evolution of FirstHoldCo. This is not merely a capital raise; it represents a bold strategic repositioning of the Group for sustainable growth, stronger governance, and long-term value creation. We are committed to building a well-capitalised institution capable of supporting Nigeria’s economic aspirations while maintaining the highest standards of transparency and accountability.”
