FirstHoldCo Secures N1 Trillion Capital Approval

FirstHoldCo PLC secured shareholders' approval for a N1 trillion capital raise at its 14th Annual General Meeting (AGM) held on May 29, 2026. This capital raise will be undertaken through a multi-tranche program amounting to N253.099 billion, which includes the issuance of shares via public offers, private placements, rights issues, bonus issues, and scrip dividends.

The initiative aims to complement existing capital and accelerate the group's pathway to a N1 trillion paid capital base, enhancing its lending and underwriting capacity. Group Chairman Femi Otedola, who will assume office in January 2024, emphasized the importance of a stronger capital base for sustaining long-term shareholder value and improving operational efficiency.

The capital raise is expected to expand FirstHoldCo's footprint across priority market business verticals and strengthen its competitive position among tier 1 financial institutions in Nigeria.