FirstHoldCo N1 Trillion Capital Raise

FirstHoldCo, the parent company of FirstBank of Nigeria, is seeking to raise N253.099 billion in fresh capital to achieve a N1 trillion paid-up capital base. This strategic move, championed by Chairman Femi Otedola, aims to double the regulatory capital ceiling for international banks in Nigeria and position FirstHoldCo as a leader in an industry-wide 'up-tiering'. The capital raise will be implemented through various equity instruments, including public offerings, private placements, and rights issues. This initiative follows FirstBank of Nigeria's successful meeting of the Nigeria — Central Bank of Nigeria's current N500 billion minimum threshold. FirstHoldCo's strong Q1 2026 performance, with a 72% surge in Profit Before Tax and a 31.6% Return on Equity, provides a solid foundation for investor appetite. The company has also undertaken a massive N826 billion legacy debt cleanup and revamped its leadership team to enhance governance and asset recovery.