First HoldCo Plc, the parent company of First Bank of Nigeria, said it is seeking shareholders’ approval to raise ₦253.099 billion in fresh equity capital.
The move is aimed at strengthening its balance sheet and approaching a ₦1 trillion paid-up capital base, which the bank earlier sought.
The group made the proposal in a notice for its 14th Annual General Meeting (AGM), scheduled for May 29, 2026, and filed with the Nigerian Exchange Limited (NGX).
At the upcoming AGM, shareholders are expected to consider resolutions authorising the capital raising and related balance sheet strengthening measures.
First HoldCo planned to raise the ₦253.099 billion through a mix of public offerings, private placements, rights issues, bonus issues, scrip dividends, or other equity instruments in both Nigerian and international capital markets.
It stated that pricing will be determined through a book-building process, another valuation method, or a combination of approaches, at the discretion of its board.
According to the AGM notice, the capital raise may be executed in one or more transactions and in tranches, series, or proportions as determined by the Board of Directors, subject to regulatory approvals.
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The flexible structure, the company said, is intended to support the achievement of a ₦1 trillion target.
The move comes amid ongoing discussions about capital strength in the banking sector.
Pinnacle Daily earlier reported that the Chairman of First HoldCo, Femi Otedola, has urged the Central Bank of Nigeria (CBN) to raise the minimum capital requirement for international banks to ₦1 trillion from ₦500 billion.
The billionaire investor made the call in a statement on Friday, January 2, 2026, arguing that stronger capitalisation is necessary to support Nigeria’s economic ambitions.
“From where I stand, and with the benefit of many years in Nigeria’s business landscape, I believe it is time to raise the minimum capital requirement for international banking licences from ₦500 billion to at least ₦1 trillion.
“A modern economy aiming for the $1 trillion mark cannot rely on weakly capitalised banks,” Otedola stated.
A cursory review of its 2025 audited results shows that as of December 31, 2025, First HoldCo reported a total paid-up capital of ₦480.616 billion.
This amount is made up of ₦22.227 billion in share capital and ₦458.389 billion in share premium, in line with regulatory definitions that combine the par value of issued shares and associated share premium.
Based on this structure, the group had a shortfall of ₦32.425 billion when compared with the aggregated paid-up capital of its subsidiaries, which stood at ₦513.041 billion.
To address the gap, the group completed a ₦45 billion private placement in March 2026, which was, as of May 6, 2026, undergoing the CBN’s capital verification and approval process.
Pinnacle Daily reports that CBN concluded its mandatory two-year capital raising exercise for the banks on March 31 this year.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X