First Holdco’s N150bn Rights Issue records 25% oversubscription, prepares for N350bn private placement

FirstHoldco has announced a 25% oversubscription of its recently concluded N150bn Rights Issue. Speaking on the capital raising exercise, the Group Managing Director of First HoldCo Plc., Adebowale Oyedeji, stated that following the capital verification exercise of the Central Bank of Nigeria (CBN), the group has completed the N150 billion Rights Issue. At the end […]

FirstHoldco has announced a 25% oversubscription of its recently concluded N150bn Rights Issue.

Speaking on the capital raising exercise, the Group Managing Director of First HoldCo Plc., Adebowale Oyedeji, stated that following the capital verification exercise of the Central Bank of Nigeria (CBN), the group has completed the N150 billion Rights Issue.

At the end of the rights issue, subscriptions of N187.6 billion (over 25% above target) were recorded in the first phase of the capital raise exercise.

It added that in line with the “overwhelming support and approval” granted by the shareholders at the 12th Annual General Meeting of the company on November 14, 2024, the second phase of the raising of up to N350 billion will commence in earnest.

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The financial institution in a statement said the “overwhelming response” from shareholders is a testament to the trust and confidence placed in the FirstHoldCo Group and its vision for the future.

It stated that the capital raise will empower the group to strengthen its position in the market, invest in innovation, and drive sustainable growth in FirstBank, its flagship subsidiary.

“We are excited about the opportunities ahead and remain committed to optimising value for our shareholders,” it said.

The Chairman of First HoldCo Plc., Mr Femi Otedola, said, “On behalf of the Board of Directors, I would like to extend my heartfelt gratitude to all our shareholders and all stakeholders involved in this successful Rights Issue offer.

“The strong participation is a clear indication of the collective belief in FirstHoldCo and its bright future. We deeply appreciate the continued support and partnership, which enables us to embark on this next phase of growth.

“We also wish to acknowledge our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, for their guidance and support throughout the process, ensuring that all procedures were transparent and in full compliance with the applicable regulations.”