FirstHoldCo Plc has reaffirmed its dedication to assembly the N500 billion capitalization goal set by the Central Bank of Nigeria (CBN), stating that it expects to attain the requirement inside a number of weeks.
On the identical time, the {financial} establishment has pledged larger dividends for shareholders on the conclusion of the 2025 {financial} 12 months, signaling confidence in its profitability and future progress potential.
Throughout its thirteenth Annual Normal Assembly (AGM) held in Lagos on Thursday, FirstHoldCo accepted a dividend of 60 kobo per 50 kobo extraordinary share, amounting to N25.13 billion, a considerable enhance from the N14.36 billion distributed in 2023.
Talking on the AGM, FirstHoldCo Chairman, Femi Otedola, addressed the issues of shareholders, assuring them that when the N500 billion capitalization requirement is met, the corporate will prioritize enhancing dividend payouts.
“I’ll by no means put water in a basket; my foray into this establishment could be very divine,” Otedola declared.
“At the moment, after we now have accomplished the non-public placement, which we’re embarking on in one other two weeks, I might have invested over N300 billion into this establishment. Most of you shareholders, I do know very properly, we’ve been on this journey for the reason that days of African Petroleum, 2007. So it’s been a great distance.”
He added, “We thank God for his grace, and I wish to guarantee you that I, too, as a shareholder, am not going to simply accept a 60 kobo dividend. I cannot. Contemplating how a lot I’ve invested on this establishment, I need you to be affected person. God’s time is the very best.”
Otedola additionally credited President Bola Tinubu’s {economic} reforms and the Central Bank of Nigeria’s coverage credibility below Governor Yemi Cardoso as the important thing causes behind his N320 billion private funding in First {Bank}.
In response to shareholder issues, FirstHoldCo Group Managing Director (GMD), Wale Oyedeji, defined that paying larger dividends at this stage may hinder capital-raising efforts.
“Simply to let you understand, it will have been counterproductive to pay very excessive dividends after we are within the strategy of elevating capital,” Oyedeji said.
He assured buyers that larger dividends shall be prioritized after the capitalization course of is finalized.
“By the tip of this 12 months, we might have accomplished our capital increase. Our chairman and main shareholder has additionally given us consolation that we’ll meet the N500 billion capital requirement for the {bank} within the subsequent few weeks.”
FirstHoldCo Plc reported distinctive {financial} progress, based on its audited outcomes for the 12 months ended December 31, 2024.
The {financial} statements additionally revealed that FirstHoldCo has 35.90 billion shares excellent. Notably, Femi Otedola elevated his complete (direct and oblique) holdings by 108.83%, rising from 2.03 billion shares in 2023 to 4.23 billion shares in 2024—bringing his stake to 11.80% of the corporate’s complete shares.
Within the first quarter of 2025, FirstHoldCo earned N625.281 billion in curiosity revenue, marking a 40.15% enhance in comparison with N446.146 billion recorded in Q1 2024.
Moreover, its mortgage ebook expanded to N13.205 trillion, reflecting a 9.40% enhance from N12.07 trillion as of December 2024, additional solidifying its robust market place.
As FirstHoldCo inches nearer to reaching its capitalization targets, shareholders are desirous to see how these {financial} milestones will translate into larger dividends and long-term profitability.
Some industrial banks, together with Access Bank and Zenith Bank, have already met the N500 billion capitalization requirement.
