First HoldCo Plc has announced that its shareholders have approved plans to raise up to N253.09 billion as part of the company’s strategic effort to accelerate its journey toward achieving a N1 trillion capital base.
The approval was granted during the company’s 14th Annual General Meeting (AGM) held on Friday.
In a statement released on at the AGM, the parent company of First Bank detailed that the capital raising program will be executed through a combination of public offers, private placements, rights issues, bonus issues, scrip dividends, and other equity instruments across both domestic and international markets.
The company emphasized that this capital raise is not a routine regulatory response but a deliberate investment aimed at enhancing 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 First HoldCo the capacity to compete from a position of strength,” the statement said.
The capital raising initiative is designed to strengthen the group’s capital position, improve resilience, expand lending capacity, and position First HoldCo for long-term growth and competitiveness.
The planned capital raise will complement existing capital and provide the board with flexibility to optimize timing, structure, and investor participation.
Proceeds from the capital raised will be deployed toward balance sheet expansion, financing infrastructure and strategic sectors, digital transformation, subsidiary recapitalization, and regional expansion.
Chairman of First HoldCo, Femi Otedola described the shareholders’ approval to raise up to N1 trillion in capital as a defining moment in the company’s evolution.
“This is not merely a capital raise, it represents a bold strategic repositioning of the Group for sustainable growth, stronger governance, and long-term value creation,” Otedola said.
Group Managing Director and Chief Executive Officer (CEO), Wale Oyedeji, added that the capital program would provide the financial flexibility required to accelerate the company’s strategic ambitions.
“Our focus is on disciplined and value-accretive deployment of capital across our core businesses, digital transformation initiatives, and expansion priorities,” Oyedeji stated.
First HoldCo has already raised N83.7 billion and N45 billion through private placements completed in December 2025 and March 2026, respectively, alongside previous rights issues and capital optimization initiatives.
The company also reported a profit before tax (PBT) of N321.1 billion in the first quarter (Q1) of 2026, representing a 72 percent year-on-year increase, while return on equity stood at an annualized 31.6 percent.
This capital raise marks a significant step in First HoldCo’s ambition to solidify its market leadership and enhance its capacity for sustainable growth in a competitive financial landscape.
