FirstHoldCo Plc, the parent company of FirstBank and one of Nigeria’s most systemically important financial groups, has secured approval from its shareholders to pursue a major capital strengthening programme aimed at reaching a ₦1 trillion paid-up capital base.The decision was taken at the company’s 14th Annual General Meeting (AGM) held on 29 May 2026.The approval gives the board authority to raise up to ₦253.

099 billion through a multi-tranche capital raising plan involving different instruments such as public offers, private placements, rights issues, bonus issues, scrip dividends, and other equity instruments across both local and international markets.

The broader strategy is designed to significantly expand the group’s capital base, strengthen its balance sheet, and improve its ability to support large-scale lending and investment activities.

Management explained that a stronger capital position will improve resilience, boost confidence among investors and counterparties, and allow the group to compete more effectively among Tier-1 financial institutions in Nigeria and beyond.The capital raise is also expected to support expansion into key sectors such as infrastructure, energy, manufacturing, and digital economy services.

The company highlighted its recent financial performance as evidence of strong momentum, including a 72% year-on-year increase in profit before tax to ₦321.1 billion in Q1 2026 and an annualised return on equity of 31.6%.It also referenced previous successful capital actions, including ₦83.7 billion raised, a ₦45 billion private placement, and earlier rights issues worth ₦149.6 billion, showing a consistent capital optimisation strategy.

Group leadership under Chairman Femi Otedola emphasised stronger governance, improved discipline, and a long-term focus on sustainable value creation.

Funds raised will be deployed into expanding risk assets, digital transformation, technology upgrades, subsidiary recapitalisation, and regional expansion.Overall, the plan positions FirstHoldCo to scale its operations, strengthen competitiveness, and deliver improved long-term returns to shareholders.