First HoldCo Plc, the holding company of leading banking group First Bank, is seeking shareholder approval for a major ₦253.099 billion capital raise aimed at elevating its paid-up capital to ₦1 trillion, marking a bold step in its post-recapitalisation growth strategy.
The proposal, highlighted in the notice for the company’s 14th Annual General Meeting (AGM) to be held virtually on May 29, 2026, comes after the group successfully navigated the Central Bank of Nigeria’s (CBN) banking sector recapitalisation exercise. First HoldCo banking subsidiary, met the ₦500 billion minimum regulatory capital requirement ahead of the March 31, 2026 deadline through prior phases, including a 25% oversubscribed ₦150 billion rights issue
In its 2025 audited financial results, the group reported gross earnings of ₦3.4 trillion, up 6.9% year-on-year, driven by strong interest income growth. However, profit after tax declined sharply to ₦139.5 billion (from ₦677 billion in 2024) due to a deliberate and substantial impairment charge of ₦826.3 billion. This “kitchen-sinking” exercise cleaned up legacy non-performing assets and strengthened the balance sheet in preparation for the new regulatory era.
The company described 2025 as a year of strategic reset and capital preservation, positioning it for stronger performance. This is already evident in early 2026, with Q1 profit before tax surging 72.2% to ₦321.12 billion.
The proposed new capital raise will be implemented through one or more transactions, including public offerings, private placements, rights issues, bonus issues, scrip dividends, or other equity instruments in domestic or international markets.
This ambitious capital expansion is expected to significantly bolster First HoldCo’s competitive position, enhance its capacity for growth, and set a new benchmark among Nigeria’s leading financial institutions in the post-recapitalisation landscape.
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