Shareholders of First HoldCo Plc have approved plans to raise up to N253.099 billion as the financial services group intensifies efforts to strengthen its capital base and position itself among the strongest banking institutions in Nigeria.
The approval was granted at the company’s 14th Annual General Meeting (AGM) held virtually on Friday, paving the way for First HoldCo to achieve a paid-up capital of N1 trillion, comprising share capital and share premium.
The move will place the parent company of FirstBank of Nigeria significantly above the Central Bank of Nigeria’s N500 billion minimum capital requirement for banks with international authorisation.
The capital raising initiative forms part of the group’s broader strategy to reinforce its balance sheet, deepen financial resilience and create a stronger platform for future growth amid ongoing reforms in the banking sector.
Speaking at the AGM, Chairman of First HoldCo, Femi Otedola, said the proposed capital raise would
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