Shareholders of First HoldCo Plc have approved plans to raise up to ₦253.1 billion in fresh capital as the financial services group intensifies efforts to strengthen its capital position and meet regulatory requirements.
The approval was granted at the company’s 14th Annual General Meeting held virtually on May 29, 2026.
According to resolutions released by the company, shareholders authorized the board to undertake a capital raise of up to ₦253,099,328,580.50 to achieve a paid-up capital base of ₦1 trillion comprising share capital and share premium.
The fundraising programme may be executed through one or a combination of transactions, including a public offering, private placement, rights issue, bonus issue, scrip dividend or other equity instruments in the Nigerian and international capital markets.
The company stated that the pricing structure and final terms of the transaction would be determined by the board, subject to regulatory approvals.
The approval represents a significant step in First HoldCo’s recapitalisation strategy as Nigerian banks continue to strengthen their capital positions in line with the Central Bank of Nigeria’s new minimum capital requirements.
Shareholders also authorised the board to increase the company’s share capital by the number of ordinary shares required to support the proposed fundraising exercise and to undertake all necessary regulatory and corporate actions to implement the programme.
The board was further empowered to secure the listing of any securities issued under the capital raise on the Nigerian Exchange Limited and other securities exchanges where applicable.
In addition to the capital raising resolution, shareholders approved the company’s audited financial statements for the year ended December 31, 2025, together with reports from the directors, external auditor, board evaluation consultants and audit committee.
Shareholders also re-elected Olufemi Otedola and Abiodun Fatade as Non-Executive Directors of the company.
The meeting approved the reconstitution of the statutory audit committee for the 2026 financial year with three shareholder representatives and two independent non-executive directors serving on the committee.
The capital raise is expected to strengthen First HoldCo’s balance sheet, support future growth initiatives and position the group to meet evolving regulatory capital requirements across its banking and financial services operations.
With shareholder approval now secured, investors will closely monitor the structure, timing and execution of the fundraising exercise as the company progresses toward its ₦1 trillion capital objective.
