FirstHoldCo Plc, one of Nigeria’s leading financial institutions, has announced it is just weeks away from meeting the Central Bank of Nigeria’s (CBN) N500 billion capitalization thresh hold.
The company disclosed this during its 13th Annual General Meeting (AGM) in Lagos, signaling strong investor confidence, robust financial health, and readiness to comply with regulatory reforms aimed at strengthening the country’s banking sector.
As part of its shareholder-focused agenda, FirstHoldCo also approved a dividend payout of N25.13 billion—a sharp rise from N14.36 billion in 2023—translating to 60 kobo per 50 kobo ordinary share, despite ongoing capital-raising efforts.
In an impassioned address at the AGM, Chairman Femi Otedola reaffirmed his long-term commitment to FirstHoldCo, disclosing that his total investment in the institution will exceed N300 billion upon the completion of an imminent private placement.
“I will never put water in a basket; my foray into this institution is very divine,” Otedola said. “Once the capitalization is finalized, I will be the first to demand higher dividends. We’ve come a long way, from the days of African Petroleum, and I assure you this journey will continue to yield great value.”
Otedola also expressed optimism about Nigeria’s economic direction under President Bola Tinubu, while commending CBN Governor Yemi Cardoso for restoring policy credibility, factors he said influenced his N320 billion personal investment in First Bank.
Group Managing Director, Wale Oyedeji, addressed shareholders’ calls for immediate dividend increases by explaining the strategic trade-off between capitalization and short-term payouts.