First HoldCo PLC AGM Approves ₦253bn Capital Raise

At its 14th Annual General Meeting held virtually on May 29, 2026, First HoldCo Plc shareholders passed a set of ordinary and special resolutions, the details of which were filed with the Nigerian Exchange Limited on June 1, 2026.

On routine matters, shareholders received the company's audited financial statements for the year ended December 31, 2025. Mr. Olufemi Otedola and Dr. Abiodun Fatade were re-elected as Non-Executive Directors, and the remuneration of external auditor KPMG Professional Services was approved to be fixed by the Directors. A five-member Statutory Audit Committee was also constituted for the 2026 financial year.

The substantive special resolutions authorised the company to raise up to ₦253,099,328,580.50, with the stated objective of achieving ₦1 trillion in paid-up capital comprising share capital and share premium. The capital raise may be executed through one or more transactions, including a public offering, private placement, rights issue, bonus issue, scrip dividend, or other equity instruments on Nigerian or international capital markets. Pricing may be determined via a book-building process or other valuation methods. All transactions remain subject to regulatory approvals. Directors were further authorised to appoint advisers, amend the company's memorandum and articles of association, and list any securities issued on the Nigerian Exchange Limited or other exchanges.