FirstHoldCo Plc has unveiled plans to raise its capital base to ₦1 trillion as part of an aggressive strategy aimed at strengthening its balance sheet and expanding its market position.

The financial group, parent company of First Bank of Nigeria, disclosed the proposal in a notice ahead of its 14th Annual General Meeting scheduled for May 29, 2026.

According to the company, shareholders will consider a special resolution authorising the raising of ₦253.099 billion through various funding options, including public offers, private placements, rights issues, bonus shares and other equity instruments in local and international markets.

The planned capital raise comes months after First Bank met the Central Bank of Nigeria’s ₦500 billion minimum capital requirement for banks with international licences.

Under the leadership of chairman Femi Otedola, the group is now pushing for a higher benchmark, arguing that stronger capitalisation is necessary for banks operating in an economy targeting a $1 trillion GDP.

Otedola has repeatedly advocated increasing the minimum capital requirement for international banks from ₦500 billion to ₦1 trillion, maintaining that stronger banks would improve governance standards and reduce operational vulnerabilities in the sector.

To support its recapitalisation drive, FirstHoldCo has adopted multiple financing strategies, including rights issues, private placements and the sale of its merchant banking subsidiary, FBNQuest. The group recently completed a ₦45 billion private placement in March 2026.

The latest capital raise is expected to strengthen the group’s competitive position among Nigeria’s top-tier banking institutions, often referred to as the FUGAZ banks.

FirstHoldCo also reported strong financial performance for the first quarter of 2026, posting a 72 per cent year-on-year increase in profit before tax to ₦321.1 billion.

The group recorded an annualised Return on Equity of 31.6 per cent during the period, placing it ahead of several major competitors in the banking sector.

The performance follows the clean-up of about ₦826 billion in legacy debt obligations in late 2025, which the company said improved its balance sheet and positioned it for further growth.

The group’s current management team includes Wale Oyedeji and Olusegun Alebiosu.

According to the company, efforts to strengthen governance have also included tighter internal controls and the appointment of new boards for non-banking subsidiaries.