Signalling bold strategic reset First HoldCo Plc (“FirstHoldCo” or “the Group”), the parent company of Nigeria’s oldest and one of its most systemically important financial institutions, FirstBank, has secured shareholders’ approval at its 14th Annual General Meeting (AGM) held on 29 May 2026 to undertake a multi tranche capital raising programme of up to N253.099 billion through a combination of instruments, including issuance of shares through public offers, private placements, rights issues, bonus issues, scrip dividend, or other equity instruments in both domestic and international capital markets.
This approval, which authorises the HoldCo Board to pursue this bold move, is designed to complement existing capital and accelerate the Group’s pathway to a N1 trillion paid up capital base, comprising share capital and share premium, while preserving flexibility to optimise timing, structure, and investor participation.
For discerning shareholders and investors, the significance of this initiative is clear: stronger capital creates stronger possibilities.
It enhances resilience, expands lending and underwriting capacity, improves strategic flexibility, and positions FirstHoldCo to capture opportunities that materially strengthen earnings power and long-term franchise value.
This is therefore not a routine regulatory response, but a deliberate investment in future competitiveness, profitability, and market leadership.
In an operating environment where scale, capital strength, and execution discipline increasingly determine market leadership, a N1 trillion capital base gives FirstHoldCo the capacity to compete from a position of strength.
It materially improves the Group’s shock absorption capacity, strengthens confidence among counterparties and investors, and equips 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 is expected to expand the Group’s footprint across priority markets and business verticals, enhance its competitiveness among Tier-1 financial institutions, and, most importantly, unlock sustainable long-term value for shareholders.
In this regard, FirstHoldCo is not only responding to industry trends but actively shaping the future capital and competitive dynamics of the Nigerian banking ecosystem.
Just as importantly, the stronger capital base is expected to expand the Group’s footprint, deepen its competitive standing among Tier-1 institutions, and create room for disciplined growth across priority markets and business verticals.
This translates into a more scalable earnings platform, improved capacity for value-accretive expansion, and a clearer pathway to sustainable long-term returns.
FirstHoldCo is therefore not simply adjusting to the future of Nigerian banking; it is positioning itself to help define it.Central to this transformation is the leadership of the Group Chairman, Mr Femi Otedola, CON, whose influence and resolute focus have driven a significant shift in governance, oversight, and institutional discipline across the Group.
Since assuming office in January 2024, Mr Otedola has strengthened board independence and effectiveness across subsidiaries, reinforced governance structures in line with global best practices, and instilled a culture of accountability, transparency, and performance discipline.In addition, the Group Chairman has played a pivotal role in....
