FirstHoldCo seeks ₦253bn capital raise to hit ₦1tn target, AGM set for May 29
FirstHoldCo Plc, parent of Nigeria's oldest commercial lender First Bank, announced a special resolution for its May 29, 2026 Annual General Meeting to raise ₦253.099 billion through various equity instruments, aiming to achieve a paid-up capital base of ₦1 trillion. The move comes after its banking subsidiary already met the Central Bank of Nigeria's current ₦500 billion minimum threshold for international authorisation.
This capital push reflects Chairman Femi Otedola's advocacy for raising the international banking license requirement from ₦500 billion to at least ₦1 trillion, arguing that stronger capital bases improve governance and support Nigeria's ambition for a $1 trillion economy. FirstHoldCo recently completed a ₦45 billion private placement in March 2026 and reported robust Q1 2026 performance: Profit Before Tax surged 72% year-on-year to ₦321.1 billion, with Return on Equity at 31.6%—the highest among its tier-1 peers.
Leadership changes accompany the strategy, with Wale Oyedeji serving as Group Managing Director of FirstHoldCo and Olusegun Alebiosu leading as CEO of First Bank. Alebiosu, formerly Chief Risk Officer, recovered ₦19 billion in delinquent loans during Q1 2026, turning risk management into a revenue stream. The capital raise may be executed via public offering, private placement, rights issue, bonus issue, scrip dividend, or other equity instruments, subject to regulatory approvals. Investors should monitor implementation details and assess how this expansion influences sector competition and lending capacity.