FirstHoldCo Secures Shareholder Approval for N1 Trillion Capital Base

LAGOS — FirstHoldCo, the holding company of First Bank of Nigeria, has secured shareholder approval to raise its capital base to N1 trillion. Premium Times confirmed the development on Monday. The approval marks a significant milestone in the banking group’s compliance with the CBN’s bank recapitalisation directives.

The CBN issued recapitalisation guidelines requiring Nigerian commercial banks to significantly increase their minimum capital levels by a specified deadline. First Bank, as one of Nigeria’s oldest and largest financial institutions, is among the banks that must raise substantial new capital to meet the requirements.

FirstHoldCo Group Chairman Tunde Hassan-Odukale said the shareholder approval demonstrates confidence in the bank’s strategic direction and its ability to grow capital through legitimate market mechanisms. He said the N1 trillion capital base will strengthen the bank’s capacity to fund large projects and expand its services.

Nigeria’s Banking Recapitalisation

The CBN’s recapitalisation exercise is one of the most significant structural interventions in Nigerian banking since the 2005 to 2006 consolidation exercise. The central bank wants banks to build stronger buffers against economic shocks and to fund the kind of large-scale infrastructure and industrial projects that Nigeria needs.

Several Nigerian banks have announced rights issues, private placements, and merger discussions as they race to meet the recapitalisation requirements. FirstHoldCo’s shareholder approval puts it ahead of several peers in the recapitalisation process.

Market analysts said the N1 trillion capital approval is a positive signal for investors in First Bank securities. It demonstrates institutional strength and shareholder confidence at a time when Nigeria’s banking sector is navigating both domestic recapitalisation pressures and a more complex global financial environment.