First_HoldCo approves N253.1 billion capital raise

Shareholders of FirstHoldCo Plc have approved a plan to raise up to N253.099 billion in fresh capital, aiming to achieve a N1 trillion paid-up capital base. This strategic move, approved at the company's 14th Annual General Meeting on May 29, 2026, positions FirstHoldCo significantly above the Nigeria — Central Bank of Nigeria's N500 billion minimum capital requirement for banks with international authorization. The capital raise, which can be executed through various instruments like public offerings, private placements, rights issues, or bonus issues, is intended to reinforce FirstHoldCo's balance sheet, deepen financial resilience, and support future growth. Chairman Femi Otedola emphasized that this initiative is a strategic expansion rather than merely a compliance exercise, as FirstBank of Nigeria, the group's flagship subsidiary, has already met the regulatory threshold. The group has also undertaken other capital optimization efforts, including a N45 billion private placement and the divestment of its merchant banking arm, FBNQuest Merchant Bank. This recapitalization comes after a challenging 2025 financial year with substantial impairment charges but a strong rebound in Q1 2026, signaling improved earnings momentum.