First Bank Parent Seeks N253B Shareholder Approval to Reach N1T Capital Goal
First HoldCo Plc, parent of First Bank of Nigeria, needs shareholder approval to raise up to N253.099 billion in fresh capital through public offerings, private placements, rights issues, or other equity instruments in Nigerian and international markets. The AGM decision comes May 29, 2026.
This capital raise aims to bridge the gap toward a N1 trillion paid-up capital base—double the CBN's current N500 billion minimum requirement for international banking authorization. Pricing will be determined through book-building process or other valuation methods at the Board's discretion.
Once finalized, the N253 billion raise is expected to close the remaining gap toward the N1 trillion target, effectively resetting the competitive benchmark among Nigeria's top banks (FUGAZ: Zenith, UBA, GTCO, Access Holdings). For Nigerian banking customers and investors, this signals potential enhanced services and stronger international positioning for First Bank in the coming years.
With major banks expanding their capital bases, how will this affect your choice of banking partner for domestic and international transactions?