First HoldCo Plc, the parent company of First Bank of Nigeria, has announced plans to seek shareholders’ approval to raise up to ₦253.099 billion in fresh capital as part of efforts to strengthen its financial position and advance long-term regulatory and growth objectives.
The proposed capital raise is contained in the notice for the company’s 14th Annual General Meeting (AGM) scheduled for May 29, 2026, where shareholders are expected to consider key resolutions relating to equity fundraising and balance sheet strengthening measures.
According to filings with the Nigerian Exchange, the planned fundraising is a central component of the group’s broader strategy to achieve a ₦1 trillion paid-up capital base, which includes both share capital and share premium.
Under the proposal, the board is seeking approval to raise the funds through a mix of equity instruments, including public offers, private placements, rights issues, bonus issues, scrip dividends, and other financing structures across domestic and international capital markets.
The company noted that pricing for the shares and related instruments will be determined through a book-building process or other valuation methods deemed appropriate by its board of directors.
It added that the capital raise may be executed in multiple tranches and structured differently depending on market conditions and regulatory approvals.
If approved, the ₦253 billion injection is expected to close part of the funding gap toward the ₦1 trillion capital target, positioning the group well above the Central Bank of Nigeria’s minimum capital requirement for international banking operations.
Industry analysts say the move underscores intensifying competition among Nigeria’s top-tier financial institutions as banks continue to reinforce their capital base to meet regulatory expectations and support expansion strategies.
Market observers also note that the recapitalisation effort could strengthen First HoldCo’s position among Nigeria’s leading banking groups, including Zenith Bank, United Bank for Africa, Guaranty Trust Holding Company, and Access Holdings—collectively known as the FUGAZ banks.
They further argue that reaching the ₦1 trillion capital threshold could enhance the group’s lending capacity, boost investor confidence, and improve its competitiveness in both regional and international banking markets.
The development comes amid broader recapitalisation efforts in Nigeria’s banking sector, driven by renewed regulatory pressure on financial institutions to build stronger capital buffers and improve resilience against economic shocks.
