Shareholders of First HoldCo Plc, the parent company of FirstBank of Nigeria, have approved plans to raise up to N253.099 billion as the group intensifies efforts to strengthen its capital base and achieve N1 trillion in paid-up capital.
The resolution was passed during the company’s 14th Annual General Meeting (AGM), which was held virtually on Friday, May 29, 2026.
The approved fundraising forms part of First HoldCo’s broader balance sheet strengthening strategy and follows earlier proposals outlined in the company’s AGM notice.
What the approval means
The planned capital raise is aimed at supporting the group’s recapitalisation objectives ahead of evolving regulatory requirements within Nigeria’s banking sector.
According to the company:
- The target paid-up capital is N1 trillion
- The figure comprises both share capital and share premium
- The target is significantly above the Central Bank of Nigeria’s minimum requirement for internationally authorised banks
The N1 trillion target is double the Central Bank of Nigeria’s N500 billion minimum capital requirement for banks operating with international licences.
More insights
The approval comes amid an ongoing banking sector recapitalisation drive triggered by new CBN capital requirements introduced to strengthen the resilience of Nigerian banks.
Industry analysts note that higher capital buffers are expected to help banks:
- Support larger lending capacity
- Absorb macroeconomic shocks
- Strengthen foreign exchange liquidity positions
- Fund technology and expansion investments
- Improve long-term balance sheet stability
The recapitalisation push has already prompted several Nigerian banks to pursue:
- Rights issues
- Private placements
- Public offers
- Debt issuances
- Strategic capital injections
What you should know
The CBN previously announced revised minimum capital thresholds for Nigerian banks as part of broader efforts to strengthen the banking industry and support long-term economic growth.
Under the framework:
- International commercial banks are required to maintain a minimum capital base of N500 billion
- National and regional banks are subject to lower thresholds based on licence category
First HoldCo’s decision to target N1 trillion in paid-up capital suggests the group is positioning itself significantly above the regulatory minimum while reinforcing investor confidence and long-term growth capacity.
The development also reflects broader competition among Nigeria’s tier-one banks as institutions move aggressively to strengthen capital adequacy amid elevated inflation, currency volatility, tighter monetary conditions, and rising regulatory expectations.
