*Signalling bold strategic reset
First HoldCo Plc (“FirstHoldCo” or “the Group”), the parent company of Nigeria’s oldest and one of its most systemically important financial institutions, FirstBank, has secured shareholders’ approval at its 14th Annual General Meeting (AGM) held on 29 May 2026 to undertake a multi tranche capital raising programme of up to N253.099 billion through a combination of instruments, including issuance of shares through public offers, private placements, rights issues, bonus issues, scrip dividend, or other equity instruments in both domestic and international capital markets.
This approval, which authorises the HoldCo Board to pursue this bold move, is designed to complement existing capital and accelerate the Group’s pathway to a N1 trillion paid up capital base, comprising share capital and share premium, while preserving flexibility to optimise timing, structure, and investor participation.
For discerning shareholders and investors, the significance of this initiative is clear: stronger capital creates stronger possibilities. It enhances resilience, expands lending and underwriting capacity, improves strategic flexibility, and positions FirstHoldCo to capture opportunities that materially strengthen earnings power and long-term franchise value. This is therefore not a routine regulatory response, but a deliberate investment in future competitiveness, profitability, and market leadership.
