Shareholders of First HoldCo Plc, the parent company of FirstBank of Nigeria, have approved a capital raise of up to N253.099 billion as the group moves to achieve N1 trillion in paid-up capital.
The resolution was passed at the company’s 14th Annual General Meeting held virtually on Friday, May 29, 2026, and monitored by Nairametrics.
The approved capital raise is part of First HoldCo’s broader balance sheet fortification plan, coming after the group had earlier proposed the transaction in its AGM notice.
The target of N1 trillion in paid-up capital, comprising share capital and share premium, is double the Central Bank of Nigeria’s N500 billion minimum capital requirement for banks with international authorisation.
Reading the resolution at the AGM, the Chairman of First HoldCo, Femi Otedola, said the capital raise would be subject to the approval of relevant regulatory authorities. He noted that the transaction could be implemented through one or more capital market instruments.
- “That the company be and is hereby authorised to undertake a capital raise of up to N253.099 billion to achieve N1 trillion paid-up capital comprising share capital and share premium,” Otedola said.
- “The capital raise transaction shall be implemented by one or more transactions, through the issuance of shares, by way of a public offering, private placement, rights issue, bonus issues, scrip dividend, or other equity instruments in the Nigerian or international capital markets.”
He added that the pricing would be determined “by way of a book building process or any other valuation method or combination of methods,” subject to regulatory approval.
Otedola also said the directors were authorised to take all necessary actions to secure the listing and admission to trading of any securities issued under the resolution on the Official List of the Nigerian Exchange Limited or any other securities exchange or market.
