First HoldCo Raises N150 Billion, Plans N350 Billion Private Placement

First HoldCo Plc has announced the successful raising of N150 billion in its rights issue, which was oversubscribed by 25%, paving the way for a planned N350 billion private placement.

This capital raise will empower the group to strengthen its market position, invest in innovation, and drive sustainable growth in FirstBank, its flagship subsidiary. The group extended its profound appreciation to the Central Bank of Nigeria and the Securities and Exchange Commission for their support in ensuring the integrity of the process and that of the capital market. They expressed excitement about the opportunities ahead and reaffirmed their commitment to optimizing value for shareholders.

The Chairman of First HoldCo Plc, Mr. Femi Otedola, expressed gratitude to shareholders and other stakeholders, attributing the strong participation to collective belief in First HoldCo’s future. On behalf of the Board of Directors, he extended heartfelt gratitude to all shareholders and stakeholders involved in the successful Rights Issue offer, emphasizing that the strong participation reflects a shared belief in First HoldCo and its promising future. He also acknowledged regulators for ensuring a transparent process, ensuring that all procedures were transparent and fully compliant with applicable regulations.

Following shareholder approval at the company’s 12th Annual General Meeting, the second phase, involving the raising of up to N350 billion, will soon commence. The oversubscription of the rights issue underscores strong investor confidence and builds momentum for the upcoming private placement. With this initiative, First HoldCo aims to enhance its financial capacity, strengthen its competitive positioning, and solidify its leadership within the Nigerian financial sector.

First HoldCo Plc is one of Africa’s largest financial services organizations. The group offers a broad range of products and services through its subsidiaries across commercial banking, asset management, capital markets, trusteeship, and insurance broking to millions of customers.