FirstHoldCo Gains Backing from Shareholders for One-Trillion-Naira Capital Infusion

First HoldCo Plc, the parent company of Nigeria's oldest and most systemically important financial institution, FirstBank, has obtained shareholders' approval to undertake a capital raising programme of up to ?253.099 billion at its 14th Annual General Meeting held on 29 May 2026.

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This programme, which involves a combination of instruments including public offers, private placements, and rights issues, aims to complement existing capital and accelerate the Group's pathway to a ?1 trillion paid-up capital base, comprising share capital and share premium.

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The approval authorises the HoldCo Board to pursue this bold move, designed to enhance resilience, expand lending and underwriting capacity, and improve strategic flexibility, thereby positioning FirstHoldCo to capture opportunities that strengthen earnings power and long-term franchise value.

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A ?1 trillion capital base will give FirstHoldCo the capacity to compete from a position of strength, materially improving its shock absorption capacity, strengthening confidence among counterparties and investors, and equipping the business to participate in larger, higher-quality transactions across key sectors of the Nigerian economy.

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The programme is expected to expand the Group's footprint across priority markets and business verticals, enhance its competitiveness among Tier-1 financial institutions, and unlock sustainable long-term value for shareholders, actively shaping the future capital and competitive dynamics of the Nigerian banking ecosystem.

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The stronger capital base is expected to translate into a more scalable earnings platform, improved capacity for value-accretive expansion, and a clearer pathway to sustainable long-term returns, with FirstHoldCo positioning itself to help define the future of Nigerian banking.

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Central to this transformation is the leadership of the Group Chairman, Mr Femi Otedola, CON, who has driven a significant shift in governance, oversight, and institutional discipline across the Group since assuming office in January 2024.

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Mr Otedola has strengthened board independence and effectiveness, reinforced governance structures, and instilled a culture of accountability, transparency, and performance discipline, repositioning the Group away from legacy challenges towards a future-focused growth trajectory.

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The proceeds from the capital raise will be deployed to support growth in high-quality risk assets, finance large corporates and infrastructure projects, and accelerate investment in digital transformation and customer experience platforms, designed to strengthen competitive advantage and improve operating efficiency.

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The capital will also support subsidiary recapitalisation, reinforce regulatory headroom, and enable expansion into targeted regional and international markets, with a disciplined deployment framework ensuring that every tranche of capital contributes to stronger returns and long-term franchise growth.

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The Group has demonstrated strong execution capability through a successful capital raise of N83.7 billion and ?45.0 billion private placement completed in December 2025 and March 2026, respectively, alongside prior N149.6 billion rights issues and capital optimisation initiatives.

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FirstHoldCo’s capital ambition is underpinned by strong financial momentum, with the Group recording a 72% year-on-year growth in Profit Before Tax (PBT) to ?321.1 billion in Q1 2026, alongside an industry-leading Return on Equity (ROE) of 31.6% (annualised).

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Commenting on the development, the Group Chairman, Mr Femi Otedola, CON, stated that the approval by shareholders to raise up to ?1 trillion in capital marks a defining moment in the evolution of FirstHoldCo, representing a bold strategic repositioning for sustainable growth and long-term value creation.

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Also speaking, the Group Managing Director/CEO, Mr Wale Oyedeji, said that the capital programme provides the financial strength and flexibility required to accelerate strategic ambitions, with a focus on disciplined, value-accretive capital deployment across core businesses and expansion priorities.

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With strong shareholder backing, a clearly defined strategic roadmap, and strengthened governance, FirstHoldCo is well-positioned to execute this ambitious capital programme successfully, reinforcing its readiness to compete at the highest level and lead with confidence in shaping the future of financial services in Nigeria and beyond.