FirstHoldCo nears N500 billion capitalization goal, promises higher dividend for shareholders in 2025 

At the same time, the financial institution has pledged higher dividends for shareholders at the conclusion of the 2025 financial year, signaling confidence in its profitability and future growth potential.

During its 13th Annual General Meeting (AGM) held in Lagos on Thursday, FirstHoldCo approved a dividend of 60 kobo per 50 kobo ordinary share, amounting to N25.13 billion, a substantial increase from the N14.36 billion distributed in 2023.

Speaking at the AGM, FirstHoldCo Chairman, Femi Otedola, addressed the concerns of shareholders, assuring them that once the N500 billion capitalization requirement is met, the company will prioritize enhancing dividend payouts.

“I will never put water in a basket; my foray into this institution is very divine,” Otedola declared.

“Today, after we have completed the private placement, which we are embarking on in another two weeks, I would have invested over N300 billion into this institution. Most of you shareholders, I know very well, we’ve been on this journey since the days of African Petroleum, 2007. So it’s been a long way.” 

He added, “We thank God for his grace, and I want to assure you that I, too, as a shareholder, am not going to accept a 60 kobo dividend. I will not. Considering how much I’ve invested in this institution, I want you to be patient. God’s time is the best.” 

Otedola also credited President Bola Tinubu’s economic reforms and the Central Bank of Nigeria’s policy credibility under Governor Yemi Cardoso as the key reasons behind his N320 billion personal investment in First Bank.

In response to shareholder concerns, FirstHoldCo Group Managing Director (GMD), Wale Oyedeji, explained that paying higher dividends at this stage could hinder capital-raising efforts.

“Just to let you know, it would have been counterproductive to pay very high dividends when we are in the process of raising capital,” Oyedeji stated.

He assured investors that higher dividends will be prioritized after the capitalization process is finalized.

“By the end of this year, we would have completed our capital raise. Our chairman and major shareholder has also given us comfort that we will meet the N500 billion capital requirement for the bank in the next few weeks.” 

FirstHoldCo Plc reported exceptional financial growth, according to its audited results for the year ended December 31, 2024.

The financial statements also revealed that FirstHoldCo has 35.90 billion shares outstanding. Notably, Femi Otedola increased his total (direct and indirect) holdings by 108.83%, growing from 2.03 billion shares in 2023 to 4.23 billion shares in 2024—bringing his stake to 11.80% of the company’s total shares.

In the first quarter of 2025, FirstHoldCo earned N625.281 billion in interest income, marking a 40.15% increase compared to N446.146 billion recorded in Q1 2024.

Additionally, its loan book expanded to N13.205 trillion, reflecting a 9.40% increase from N12.07 trillion as of December 2024, further solidifying its strong market position.

Additionally, its loan book expanded to N13.205 trillion, reflecting a 9.40% increase from N12.07 trillion as of December 2024, further solidifying its strong market position.

As FirstHoldCo inches closer to achieving its capitalization goals, shareholders are eager to see how these financial milestones will translate into greater dividends and long-term profitability.

Some commercial banks, including Access Bank and Zenith Bank, have already met the N500 billion capitalization requirement.