First Holdco opens N1.4trn share offer, one of Nigeria's largest
What's the deal? First HoldcoDealroom has a profile for this one. Try Dealroom → has opened a public offer to raise about N1.4 trillion (roughly $1 billion) after securing approval from the Central Bank of Nigeria. The offer, which opened on 3 August 2026, involves selling 10.4 billion ordinary shares.
Why now? The raise follows the company's earlier plan to transfer about a quarter of its shares to RC Investment Management Ltd., a bridge holder that stepped in after Barbican Capital exited amid a prolonged ownership and leadership dispute. First Holdco had signalled the shares would eventually go to public investors once regulators approved.
What's the endgame? Proceeds will strengthen the capital base of subsidiary First Bank of NigeriaDealroom has a profile for this one. Try Dealroom → and fund expansion, said the bank's chief executive, Olusegun Alebiosu. The group plans to diversify beyond banking into insurance underwriting and fintech services.
What did they say? "The sale is starting today — the reality here is that I am not sure it will stay more than one week based on the pressure we are getting," Alebiosu told Bloomberg.
By the numbers: Shares climbed as much as 5.9% to a record high on 3 August 2026 before easing to a 3.1% gain at N133.60 by early afternoon in Lagos. The stock has risen more than fourfold since July 2025, when Barbican's stake moved to RC Investment Management.
Watch this: Largest shareholder Femi OtedolaDealroom has a profile for this one. Try Dealroom → continues to build his position in Nigeria's oldest bank. With about a 26% stake, analysts say he is eyeing full control once his equity crosses 30%.
The signal: At roughly $1 billion, the offer ranks among the largest post-IPO equity raises ever recorded in Nigeria — a marker of both First Holdco's ambitions beyond banking and mounting investor appetite for the country's leading lenders.
Read more: Business Post
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