May 12, (THEWILL) — First HoldCo Plc, the parent company of First Bank of Nigeria, will seek shareholders’ approval to raise N253.1 billion in fresh capital at its 14th Annual General Meeting scheduled for May 29, 2026, as the group pushes toward a N1 trillion paid-up capital base.
According to the AGM notice filed with the Nigerian Exchange (NGX), the proposed fundraising will be executed through one or more transactions, subject to regulatory approvals.
The Board is seeking authority to issue equity through public offers, private placements, rights issues, bonus issues, scrip dividends, or other instruments across local and international capital markets.
The company said pricing for the capital raise would be determined through book-building or other valuation methods approved by the Board.
The planned raise is aimed at closing the gap toward a N1 trillion paid-up capital target, positioning First HoldCo significantly above the Central Bank of Nigeria’s current N500 billion minimum requirement for international banking licences.
The move follows the group’s successful compliance with the existing N500 billion threshold and signals a broader strategy to strengthen its balance sheet and expand long-term competitiveness within the banking industry.
Chairman Femi Otedola has repeatedly argued that banks operating in an economy aspiring to achieve a $1 trillion GDP must be strongly capitalised.
He has also advocated for an increase in the minimum capital requirement for international banking licences to at least N1 trillion.
First HoldCo has already undertaken several capital mobilisation initiatives, including rights issues, private placements, and the divestment of FBNQuest. In March 2026, the group completed a N45 billion private placement.
Despite booking an N826.3 billion impairment charge in its 2025 audited results, the group reported a strong recovery in Q1 2026, with profit before tax rising 72 percent year-on-year to N321.1 billion.
The group also recovered N19 billion in delinquent loans during the quarter, reflecting improved asset quality and governance reforms under the leadership of Group Managing Director Wale Oyedeji and First Bank CEO Olusegun Alebiosu.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
