FirstHoldCo Records 25% Oversubscription in N150 Billion Rights Issue
FirstHoldco Plc has announced the successful completion of its N150 billion Rights Issue, which was oversubscribed by over 25%, reaching N187.6 billion.
Speaking on the capitalisation exercise, Adebowale Oyedeji, the Group Managing Director of FirstHoldCo, expressed gratitude for the strong investor response, stating that it reflects the trust and confidence shareholders have in the Group’s vision.
“This 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,” Oyedeji said.
The Chairman of FirstHoldCo, Mr. Femi Otedola, also acknowledged the overwhelming shareholder support, emphasizing that it signals confidence in the company’s future.
“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,” Otedola remarked.
The company also extended its appreciation to the Central Bank of Nigeria and the Securities and Exchange Commission for ensuring a transparent and compliant process.
Following the success of this first phase, FirstHoldCo confirmed that the second phase of its capital-raising exercise—targeting up to N350 billion—will commence soon, with continued support from shareholders and stakeholders.
