First HoldCo Plc, the parent company of First Bank of Nigeria, has announced plans to seek shareholders’ approval to raise up to N253.099 billion in fresh capital as part of efforts to strengthen its financial position and meet long-term regulatory and growth targets.
The proposed capital raise is contained in the notice for the company’s 14th Annual General Meeting scheduled for May 29, 2026.
According to documents filed with the Nigerian Exchange, shareholders will deliberate on several resolutions relating to equity fundraising and measures aimed at reinforcing the group’s balance sheet.
The company said the proposed fundraising initiative forms part of its broader strategy to attain a N1 trillion paid-up capital base, including share capital and share premium.
Under the plan, the board is seeking approval to raise the funds through a combination of equity instruments, including public offers, private placements, rights issues, bonus issues, scrip dividends, and other financing structures in both domestic and international capital markets.
The notice explained that the pricing of the shares and other instruments would be determined through a book-building process or any valuation method considered appropriate by the board of directors.
According to the company, the fundraising exercise may be executed in multiple tranches and through different transaction structures, depending on prevailing market conditions and regulatory approvals.
The planned N253 billion raise is expected to help bridge the remaining gap toward the company’s N1 trillion capital target, positioning the group significantly above the current minimum capital requirement for international banking operations set by the Central Bank of Nigeria.
Industry analysts say the move reflects increasing competition among Nigeria’s major financial institutions as banks strengthen their capital bases to meet regulatory expectations and support expansion plans.
The proposed recapitalisation is also expected to reinforce First HoldCo’s standing among Nigeria’s leading banking groups, often referred to as the FUGAZ banks, which include Zenith Bank, United Bank for Africa, Guaranty Trust Holding Company, and Access Holdings.
Market observers note that achieving the N1 trillion threshold could significantly improve the group’s lending capacity, investor confidence, and ability to compete in regional and international banking markets.
The development comes amid ongoing recapitalisation efforts across Nigeria’s banking industry following renewed regulatory pressure on financial institutions to strengthen their capital buffers and improve resilience against economic shocks.
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