FirstHoldco announces 25% oversubscription of N150bn rights issue, plans N350 billion private placement 

This milestone sets the stage for the company’s next phase: a planned Private Placement to raise an additional N350 billion.

This was contained in a press statement issued on Thursday.

Speaking on the capitalisation exercise, Adebowale Oyedeji, Group Managing Director of FirstHoldco Plc, highlighted the strong investor confidence demonstrated in the first phase of the capital raise initiative.

“We are delighted to announce the successful completion of the up to N150 billion Rights Issue following impressive subscriptions of N187.6 billion, over 25% above target, in this first phase of the capital raise exercise,” he stated.

Oyedeji emphasized that the overwhelming response from shareholders signifies trust in the company’s strategic vision. He added that the newly raised capital will enable FirstHoldco to enhance its market position, invest in innovation, and support sustainable growth for FirstBank, its flagship subsidiary.

“We extend our 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 the capital market,” he remarked.

The Chairman of First Holdco Plc, Femi Otedola, echoed Oyedeji’s sentiments, expressing gratitude for the strong participation of shareholders and stakeholders in the Rights Issue.

“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 First Holdco and its bright future,” he said.

Otedola also acknowledged the guidance and support provided by the regulators, including the Central Bank of Nigeria and the Securities and Exchange Commission, ensuring full compliance and transparency throughout the process.

“We deeply appreciate the continued support and partnership, which enables us to embark on this next phase of growth,” he added.

FirstHoldco recently reported significant financial achievements. For the 2023 financial year, the group declared an annual dividend payout and reaffirmed its commitment to leveraging innovative strategies to ensure future growth.

The company is now poised to further solidify its market presence and accelerate its expansion efforts in the coming years.