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The successful 25% oversubscription of First HoldCo Plc’s ₦150 billion rights issue has set the stage for the company’s next phase—a private placement worth ₦350 billion.

The capital raise is expected to strengthen the group’s market position, drive innovation, and support sustainable growth for FirstBank, its flagship subsidiary.

Expressing gratitude to regulatory bodies, First HoldCo acknowledged the support of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in ensuring the integrity of the capital-raising process.

Chairman of First HoldCo Plc, Mr. Femi Otedola, commended shareholders for their strong participation, describing it as a testament to their confidence in the company’s future.

“We deeply appreciate the unwavering support and trust of our shareholders and stakeholders. This overwhelming response reflects a collective belief in First HoldCo’s vision and growth potential,” he stated.

Otedola further confirmed that the ₦350 billion private placement will commence soon, following shareholders’ approval at the company’s 12th Annual General Meeting on November 14, 2024.

The oversubscription highlights strong investor confidence and reinforces the company’s momentum ahead of its next capital raise. With this initiative, First HoldCo aims to enhance its financial strength, solidify its leadership in Nigeria’s financial sector, and maintain its competitive edge.

First HoldCo Plc is one of Africa’s largest financial services groups, operating across commercial banking, asset management, capital markets, trusteeship, and insurance broking, serving millions of customers.

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