FirstHoldCo Plc has unveiled plans to raise up to ₦253 billion in fresh capital as part of a strategic move to grow its total share capital and share premium to ₦1 trillion.
The proposal, disclosed ahead of the company’s Annual General Meeting (AGM), positions the financial services group — owner of FirstBank — to potentially become Nigeria’s first banking institution with a ₦1 trillion capital base, significantly above the Central Bank of Nigeria’s minimum requirement for banks holding international banking licences.
Capital Raise Structure
According to the notice to shareholders, the company is seeking approval to execute the capital raise through multiple equity-related channels, including:
- Public offers
- Private placements
- Rights issues
- Bonus issues
- Scrip dividends
- Other equity instruments in Nigerian and international markets
The company stated that pricing could be determined through book-building or other valuation methods, depending on market conditions and regulatory approvals.
FirstHoldCo currently has about ₦480.6 billion in share capital and share premium, while shareholders’ funds stand at approximately ₦3.4 trillion.
Banking Recapitalisation Context
The development comes shortly after the Central Bank of Nigeria (CBN) concluded the banking recapitalisation programme that saw Nigerian banks raise a combined ₦4.65 trillion over a 24-month period.
Major FUGAZ banks — including:
have already surpassed the ₦500 billion threshold required for international commercial banking licences.
Potential Market Impact
At its current share price of about ₦67.8, analysts estimate that FirstHoldCo may need to issue roughly 3.73 billion additional ordinary shares to meet the proposed fundraising target.
If successful, the capital injection could push the group’s qualifying capital to approximately ₦733 billion, potentially making it the most capitalised banking institution in Nigeria.
Strong Q1 2026 Performance
The capital raise follows impressive first-quarter earnings by FirstHoldCo:
- Pre-tax profit rose 72.2% to ₦321.12 billion
- Profit after tax increased 56.5% to ₦267.8 billion
- Earnings per share climbed to ₦6.00 from ₦4.72
The company’s stock also gained momentum on the Nigerian Exchange, rising about 9% following the earnings release.
