The shareholders of First HoldCo Plc have approved a capital raise of up to ₦253.1 billion at the company’s 14th Annual General Meeting, held virtually on Friday, May 29, 2026.
This signals the company’s ambition to achieve a ₦1 trillion paid-up capital base.
The resolution, passed as a special resolution at the meeting, authorises the Board of Directors to raise approximately ₦253,099,328,580.50 through one or more capital market transactions.
The funds raised will be combined with existing share capital and share premium to reach the trillion-naira milestone.
The board was granted broad authority to determine the structure and timing of the capital raise.
Under the terms approved by shareholders, the transaction may be executed through a public offering, private placement, rights issue, bonus issue, scrip dividend, or other equity instruments — either in Nigerian or international capital markets.
Pricing may be determined through a book-building process or any other recognised valuation method.
Shareholders also authorised the capital raise to be underwritten on terms the Directors consider appropriate, subject to regulatory approval.
Accompanying resolutions empower the Directors and Group Company Secretary, Abiola Baruwa, to increase the company’s share capital by such number of ordinary shares as may be required, and to effect necessary amendments to the company’s memorandum and articles of association.
The changes are to be reflected at the Corporate Affairs Commission following the completion of the capital raise.
The board was additionally authorised to seek listing and admission to trading of any newly issued securities on the Nigerian Exchange Limited (NGX), as well as on any other applicable securities exchange.
The capital raise approval positions First HoldCo Plc among Nigerian financial institutions pursuing aggressive recapitalisation amid broader industry-wide regulatory requirements.
First HoldCo Plc is listed on the Premium Board of the Nigerian Exchange Limited
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