FirstHoldCo Plc is seeking shareholders’ approval to raise its paid-up capital base to N1 trillion in a bold move aimed at strengthening its balance sheet, expanding market competitiveness, and positioning the group for long-term growth.

The proposed capital raise will be presented at the company’s 14th Annual General Meeting scheduled for May 29, 2026.

According to a notice filed on the Nigerian Exchange, the parent company of First Bank of Nigeria plans to raise up to N253.099 billion through multiple equity issuance channels, including public offers, private placements, rights issues, bonus shares, scrip dividends, and other equity instruments in both Nigerian and international capital markets.

The move comes months after First Bank successfully met the Central Bank of Nigeria’s N500 billion minimum capital requirement for banks with international licenses.

By targeting a N1 trillion capital base, FirstHoldCo is positioning itself ahead of a potential industry-wide shift toward higher capitalization standards for top-tier lenders.

Chairman of the group, Femi Otedola, has repeatedly advocated for the Central Bank of Nigeria to increase the minimum capital requirement for international banking licenses from N500 billion to at least N1 trillion.

According to Otedola, stronger capital buffers are necessary to support Nigeria’s ambition of becoming a $1 trillion economy and to improve corporate governance across the banking sector.

The capital strategy forms part of a broader restructuring and growth agenda pursued by the financial services group over the past year.

FirstHoldCo recently completed a N45 billion private placement in March 2026 and has also undertaken strategic measures including rights issues and the divestment of its merchant banking subsidiary, FBNQuest, to strengthen its capital position.

Industry analysts say the latest fundraising plan could further intensify competition among Nigeria’s leading banking groups, often referred to as the “FUGAZ” banks — comprising FirstHoldCo, Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), and Access Holdings.

The company’s aggressive capital expansion plans are being supported by strong financial performance.

FirstHoldCo reported a 72 percent year-on-year increase in Profit Before Tax for the first quarter of 2026, rising to N321.1 billion.

The group also posted one of the highest Return on Equity ratios among Nigeria’s tier-one banks at 31.6 percent annualised, outperforming several major competitors.

Analysts attribute the improved performance to the group’s balance sheet restructuring following the cleanup of about N826 billion in legacy debts in late 2025.

Leadership changes within the group have also contributed to the ongoing transformation strategy.

Wale Oyedeji currently leads the holding company, while Olusegun Alebiosu oversees the flagship banking subsidiary.

Under Alebiosu’s leadership, the bank has intensified loan recovery efforts, recovering approximately N19 billion in delinquent loans during the first quarter of 2026 alone.

The company said it remains focused on strengthening governance structures, improving operational efficiency, and expanding shareholder value as it pursues its long-term growth ambitions in Nigeria and across international markets.