Business

FirstHoldCo targets ₦1tn capital base in aggressive balance sheet push

Published

23 hours ago

May 8, 2026

Preport

FirstHoldCo Plc, the parent entity of Nigeria’s oldest commercial lender (First Bank), is seeking to double the regulatory capital ceiling for international banks, signalling 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 special resolution to raise ₦253.099 billion in fresh capital, aiming to reach a paid-up capital base of ₦ 1 trillion, comprising share capital and share premium.

“The capital raise transaction shall be implemented by one or more transactions, through the issuance of shares, by way of a public offering, private placement, rights issue, bonus issues, scrip dividend, or other equity instruments in the Nigerian or international capital markets, at price(s) to be determined by way of a 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, within such maturity periods and upon such other terms and conditions 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 minimum threshold of ₦500 billion for international authorisation. By targeting ₦1 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 ₦1 Trillion Vision

The proposed capital raise is more than a regulatory box-ticking exercise; it is a strategic statement of intent.

Mr Otedola has publicly called for the CBN to raise the minimum requirement for international banking licenses from ₦500 billion to at least ₦1 trillion.

He argues that a modern Nigerian economy cannot rely on “weakly capitalised banks” and that stronger capital bases will drive better governance and prevent institutions from being “run like personal estates”.

FirstHoldCo has utilised 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 ₦45 billion private placement in March 2026.

The new ₦253 billion raise, once finalised, is expected to bridge the gap toward the ₦1 trillion target, effectively resetting the competitive benchmark for “FUGAZ” peers (Zenith, UBA, GTCO, and Access).

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 ₦321.1 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 ₦826 billion legacy debt cleanup in late 2025, which has freed up 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.

Mr 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 Mr Otedola’s chairmanship, the group has also tightened internal prudential standards and appointed new boards for non-banking subsidiaries to enhance corporate governance.

Related Topics:1tn aggressive balance Base capital FirstHoldCo Push sheet targets

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FCMB appoints Adebajo as Independent Non-Executive Director

Published

3 hours ago

May 9, 2026

Preport

Adepeju Adebajo Lumus CEO 1 e1778331383461.jpg

FCMB Group Plc has appointed the former Chief Executive Officer at Lafarge Africa Plc, Adepeju Adebajo, as an Independent Non-Executive Director on its board.

The group disclosed the appointment in a statement posted on NGX and signed by its secretary, Olufunmilayo Adedibu, on Friday, stating that her appointment will strengthen the board and support the transformation goals across the group.

“FCMB Group Plc (the Company) wishes to notify Nigerian Exchange Limited (NGX) and the general public that the Central Bank of Nigeria has approved the appointment of Mrs. Adepeju Adebajo as an Independent Non-Executive Director on the Board of FCMB Group Plc.

“Mrs Adebajo’s appointment is intended to strengthen the Board and support its transformation goals across the Group,” the statement read.

Profile

Mrs Adebajo holds a Master’s and a Bachelor’s Degree in Chemical Engineering from Imperial College London and an MBA from Harvard Business School.

She chairs the board of the Lagos State Employment Trust Fund and is a Transformation Lead at Etex Group (Nigerite and Emenite Limited).

Mrs Adebajo brings over 30 years of experience across industry, renewable energy, agriculture, finance, and consulting.

READ ALSO: FCMB achieves N500 billion recapitalisation target as capital raise ends

According to the group, the new non-executive director has worked with teams and clients in Sub-Saharan Africa and Europe, helping them grow and multiply impact.

Throughout her career, Mrs Adebajo has led teams through change and growth. She was previously the Chief Executive Officer (CEO) of Cement at Lafarge Africa Plc, the CEO of Mouka Limited, the CEO of Lumos Nigeria, the CEO of UTC Nigeria Plc, and an Assistant General Manager at United Bank for Africa Plc.

In 2025, Mrs Adebajo founded Climate Governance Initiative Nigeria, affiliated with the World Economic Forum, and serves on the World Economic Forum Council on Climate and Nature Governance (2025-2027).

Business

NCAA to launch drone regulation portal at DroneTecX conference in Lagos

Published

4 hours ago

May 9, 2026

Preport

Nigerian Civil Aviation Authority NCAA.jpg

The Nigerian Civil Aviation Authority (NCAA) has said it will officially launch a digital drone regulation portal during the 6th Africa International Drone Technology Conference and Exhibition (DroneTecX 2026) scheduled to hold in Lagos next week.

In a statement issued on Saturday, the NCAA said the Drone (RPAS/UAS) Portal would be unveiled during the conference billed for 12–16 May at the NIGAV Expo Centre, Murtala Muhammed International Airport, Lagos.

The agency described the portal as part of efforts to strengthen drone regulation and improve oversight of unmanned aircraft operations in Nigeria.

According to the NCAA, the platform is expected to streamline regulatory processes involving drones, also known as Unmanned Aircraft Systems (UAS) or Remotely Piloted Aircraft Systems (RPAS).

The authority said the portal would handle processes such as drone registration, operator certification, incident reporting, ownership transfers and compliance management.

It added that the system is intended to make regulatory engagement easier for individuals, small businesses and commercial drone operators.

“This strategic launch represents a major milestone in Nigeria’s efforts to streamline Drone/Unmanned Aircraft Systems (UAS)/Remotely Piloted Aircraft System (RPAS) regulation, promote safe drone operations, and accelerate the growth of the drone industry,” the NCAA said.

The agency also noted that the platform would consolidate application and approval processes into a single digital system, allowing operators to upload documentation, submit safety case files and track applications in real time.

According to the NCAA, the portal is designed to align with the Nigeria Civil Aviation Regulations governing drone operations.

Background

Drones are aircraft operated without a pilot onboard and are either remotely controlled or programmed to fly autonomously using onboard navigation systems and software.

Their use has expanded globally in recent years across sectors including agriculture, aerial photography, mapping, surveillance, infrastructure inspection, emergency response and logistics.

READ ALSO: NCAA DG speaks on flight delays, cancellations amid passenger complaints

In Nigeria, the growing use of drones has prompted increased regulatory attention from aviation authorities over concerns related to airspace safety, security and operational compliance. Under existing civil aviation regulations, operators are required to obtain approvals and certifications for certain categories of drone operations, particularly commercial activities and flights within controlled airspace.

The authority encouraged prospective users, operators and other stakeholders in the drone sector to familiarise themselves with the platform ahead of its formal rollout.