 First HoldCo Targets N1 Trillion Capital Base With N253 Billion Raise
First HoldCo Plc, the parent company of First Bank of Nigeria, is heading into its 14th Annual General Meeting on May 29, 2026 with an ambitious agenda seeking shareholder approval to raise up to N253.099 billion in fresh capital as part of its drive toward a N1 trillion paid-up capital base.
The First HoldCo capital raise, as detailed in the AGM notice filed with the Nigerian Exchange, will be executed through one or more transactions across such tranches and proportions as the Board of Directors may determine, subject to regulatory approvals. Instruments under consideration include public offerings, private placements, rights issues, bonus issues, scrip dividends, and other equity instruments in both domestic and international capital markets.
A Bet on Nigeria’s Financial Future
Chairman Femi Otedola has publicly argued that a Nigerian economy targeting $1 trillion in GDP cannot be anchored on weakly capitalised banks, and has called on the Central Bank of Nigeria to raise the minimum capital requirement for international banking licences from N500 billion to at least N1 trillion. The First HoldCo capital raise is, in many ways, a direct response to that conviction one that positions the group ahead of its FUGAZ peers, which include Zenith Bank, UBA, GTCO, and Access Holdings.
The move follows a turbulent but ultimately resilient 2025 for the group. Full-year 2025 results revealed a one-off balance sheet cleanup involving an N826.3 billion impairment charge, resulting in a profit before tax of N235.0 billion, before an N87.7 billion tax charge reduced net profit to N147.3 billion. Yet the recovery has been swift. First HoldCo reported a 72% year-on-year surge in profit before tax to N321.1 billion in Q1 2026, signalling strong operational momentum. Asset recovery has also emerged as a significant revenue driver, with N19 billion in delinquent loans recovered in Q1 2026 alone a 1,570% year-on-year increase.
The full scope of the raise will be finalised pending board and regulatory approval, with pricing to be determined through a book-building process or other valuation methods. Full details of the AGM notice are available via the NGX document library.
