First HoldCo Plc, the parent of Nigeria’s oldest commercial lender (First Bank), is moving to double the regulatory capital ceiling for international banks, signaling a new phase of aggressive expansion and balance sheet fortification.

In a notice for its 14th Annual General Meeting (AGM) scheduled for May 29, 2026, the group proposed a resolution to raise its N253.099 billion in fresh capital, aiming to reach a N1 trillion paid-up capital base comprising share capital and share premium.

The capital raise is expected to be implemented by one or more transactions, through the issuance of shares, by way of a public offering, private placement, rights issue, bonus issues, script dividend, or other equity instruments in the Nigerian or international capital markets, at price(s) to be determined by way of book building process or any other valuation method or combination of methods, in such tranches, series or proportions and at such periods or dates, coupon or interest rates, with such maturity periods and upon such other terms as may be determined by the Board of Directors (the “Directors”), subject to obtaining the approvals of the relevant regulatory authorities, FirstHoldCo said in the statement on the NGX.

The move comes just months after its banking subsidiary, First Bank of Nigeria, successfully met the Central Bank of Nigeria’s (CBN) current N500 billion minimum threshold for international authorization. By targeting N1 trillion, FirstHoldCo is positioning itself to lead an industry-wide “up-tiering” that Chairman Femi Otedola argues is essential for institutions operating in an economy striving for a $1 trillion GDP.

Otedola’s N1 Trillion Vision
The proposed capital raise is more than a regulatory box-ticking exercise; it is a strategic statement of intent. Otedola has publicly called for the CBN to raise the minimum requirement for international banking licenses from N500 billion to at least N1 trillion. He argues that a modern Nigerian economy cannot rely on “weakly capitalized banks” and that stronger capital bases will drive better governance and prevent institutions from being “run like personal estates”.
FirstHoldCo has utilized a multi pronged approach to shore up its equity, including a rights issue, private placements, and the divestment of its merchant banking subsidiary, FBNQuest. The group recently completed a N45 billion private placement in March 2026. The new N253 billion raise, once finalized, is expected to bridge the gap toward the N1 trillion target, effectively resetting the competitive benchmark for “FUGAZ” peers (Zenith, UBA, GTCO, and Access).

Profitability as a Capital Magnet
While the capital raise targets long-term stability, FirstHoldCo’s Q1 2026 performance provides the immediate fundamental justification for investor appetite. The group reported a 72% year-on-year surge in Profit Before Tax (PBT) to N321.1 billion, eclipsing the growth rates of its tier-1 rivals.
Crucially, FirstHoldCo has emerged as the industry leader in capital efficiency. Its Return on Equity (ROE) stood at 31.6% (annualised) for the quarter, the highest among the FUGAZ cohort, outperforming Zenith (24.9%) and GTCO (24.8%). This “phoenix like” recovery follows a massive N826 billion legacy debt cleanup in late 2025, which has liberated the balance sheet to capture high-yield private sector credit opportunities.

Leadership
and Governance Pivot
The strategic shift is being spearheaded by a revamped leadership team, with Wale Oyedeji serving as Group Managing Director of FirstHoldCo and Olusegun Alebiosu leading as the CEO of the flagship banking subsidiary, First Bank. Alebiosu, a former Chief Risk Officer, has focused heavily on asset recovery, clawing back ¦ 19 billion in delinquent loans in Q1 2026 alone a 1,570% increase that has turned risk management into a significant revenue stream.
Under Otedola’s chairmanship, the group has also tightened internal prudential standards and appointed new boards for non-banking subsidiaries to enhance corporate governance.

Norwegian Sovereign wealth fund explores partnership with Dangote group on Africa investments
The President and
Chief Executive of Dangote Group, Aliko Dangote, has held a high-level meeting with Nicolai Tangen, Chief Executive Officer of Norges Bank Investment Management, the world’s largest sovereign wealth fund manager, overseeing assets worth about $1.9 trillion.
At the meeting, the Norwegian investment institution expressed strong interest in partnering with Dangote Group to expand its footprint across Africa, focusing on strategic sectors such as power, energy, renewables, agriculture, fertiliser, and cement.
Also present were Svein Tore Holsether, Chief Executive Officer of Yara International, and Terje Pilskog, Chief Executive Officer of Scatec, both leading global companies in fertiliser and renewable energy, respectively.
The engagement reflects growing global investor confidence in Africa’s industrial and infrastructure potential, as well as the expanding role of indigenous conglomerates like Dangote Group in driving large-scale economic transformation.
For Dangote Group, the potential partnership presents an opportunity to deepen investments in key sectors critical to Africa’s development, particularly energy transition, food security, and industrial expansion.
The Norwegian sovereign wealth fund, widely regarded as a benchmark for global institutional investment, has in recent years shown increased interest in emerging markets, with Africa seen as a frontier for long-term value creation.
If concluded, the collaboration could unlock significant capital flows into infrastructure and industrial projects, further boosting economic growth and regional integration across the continent.