First HoldCo Tables ₦253 Billion Capital Raise for Shareholders’ Approval
Nigerian financial giant targets ₦1 trillion capital base to power expansion beyond CBN's minimum requirement.
First HoldCo Plc is pushing for shareholders’ approval to raise up to ₦253 billion in fresh capital, as the financial holding group targets a ₦1 trillion capital base, a move that goes well beyond regulatory compliance.
The proposed raise is not driven by a shortfall against the Central Bank of Nigeria’s recapitalisation mandate. First Bank of Nigeria Limited, the group’s flagship subsidiary, has already satisfied the CBN’s minimum capital threshold for banks with international operating licences. Instead, the group is voluntarily pursuing additional headroom to sharpen its competitive positioning and fund future growth.
The funds are intended to strengthen the group’s overall balance sheet, support expansion across its subsidiaries, and build long-term financial capacity. A larger capital buffer would also enable First HoldCo to underwrite bigger corporate transactions, an area where Nigerian banks have historically ceded ground to foreign lenders due to single-obligor lending limits tied to capital size.
The move comes amid the CBN’s broader banking recapitalisation exercise, which has prompted lenders across Nigeria to tap equity markets. What sets First HoldCo apart in this cycle is its ambition to reach a ₦1 trillion capital base, a figure that would cement its standing as one of the most heavily capitalised financial groups on the continent and strengthen investor confidence in the group’s long-term outlook.
Shareholders are expected to deliberate on the proposal at a forthcoming general meeting, where the board will present its financing structure and expansion strategy in detail.
