First HoldCo Lists Additional N149.6bn Shares on Stock Exchange

The fresh equities were introduced to the stock exchange on Monday, April 7, 2025, to increase the total issued and fully paid-up share of the financial services provider to 41,877,841,591 ordinary shares of 50 Kobo each.

Before now, First HoldCo had a total of 35,895,292,792 ordinary shares of 50 Kobo each but this increased with the addition of another 5,982,548,799 ordinary shares of 50 Kobo each.

The new equities were from the rights issue of the organisation, which saw shareholders getting one new stock for every existing six stocks held at the close of business on Friday, October 18, 2024.

The exercise, which was oversubscribed by 25.46 per cent, was part of the strategies to meet the new minimum capital requirement of the Central Bank of Nigeria (CBN) for its banking business, First Bank of Nigeria Limited.

The banking arm of First HoldCo is in the tier one category in Nigeria and it is required to have at least N500 billion as its capital base because of its operations outside the country.

Business Post reports that the fresh 5,982,548,799 ordinary shares of First HoldCo listed on the bourse last Monday was at a unit price of N25, amounting to N149.6 billion.

Confirming this development, the NGX in a notice said, “Trading licence holders are hereby notified that additional 5,982,548,799 ordinary shares of 50 Kobo each at N25.00 per share of First HoldCo Plc were on Monday, April 7, 2025, listed on the daily official list of Nigerian Exchange (NGX) Limited.

The additional shares listed on NGX arose from First HolCo Plc’s rights issue of 5,982,548,799 ordinary shares of 50 Kobo each at N25.00 per share

“With the listing of the additional 5,982,548,799 ordinary shares, the total issued and fully paid-up shares of First HoldCo Plc have now increased from 35,895,292,792 to 41,877,841,591 ordinary shares of 50 Kobo each.”