First HoldCo Plc, the parent company of First Bank of Nigeria, said it will be seeking shareholders’ approval to raise up to N253.099 billion in fresh capital.
The move comes as the group pursues a target of reaching a N1 trillion paid-up capital base comprising share capital and share premium, reports Channels TV.
The fundraising plan is contained in the notice for the group’s 14th Annual General Meeting (AGM), scheduled to be held on May 29, 2026.
According to the notice filed with the Nigerian Exchange (NGX), shareholders will consider resolutions covering equity capital raising and broader balance sheet fortification.
The directors are seeking authority to raise up to N253.099 billion in fresh equity capital through a combination of public offerings, private placements, rights issues, bonus issues, scrip dividends, or other equity instruments in both Nigerian and international capital markets.
Pricing will be determined through a book-building process or any other valuation method, or a combination of methods, at the discretion of the Board.
The raise is designed to bridge the gap toward a N1 trillion paid-up capital base — a threshold that would effectively double the CBN’s current N500 billion minimum requirement for international banking authorisation.
The capital raise will be implemented through one or more transactions and in such tranches, series, or proportions as may be determined by the Board of Directors, subject to obtaining approvals from relevant regulatory authorities.
According to the AGM notice, the capital raise will be executed through a variety of instruments and issuance methods, reflecting a deliberately flexible approach to achieving the N1 trillion target.
The new N253 billion raise, once finalised, is expected to close the remaining gap toward the N1 trillion target, effectively resetting the competitive benchmark among its FUGAZ peers — Zenith Bank, UBA, GTCO, and Access Holdings.
