The Nigeria Central Bank headquarters in Lagos symbolizes economic stability and financial growth in Africa.
First HoldCo Plc has begun a public offering to raise approximately $1 billion through the sale of 10.4 billion shares after receiving approval from the Central Bank of Nigeria. The shares, previously held by RC Investment Management as a bridge shareholder following Barbican Capital’s exit, are now being offered to investors. According to First Bank CEO Olusegun Alebiosu, proceeds from the sale will strengthen the banking subsidiary’s capital base while supporting the holding company’s expansion into insurance underwriting and fintech services. Strong investor demand is expected, with Alebiosu suggesting the offering could close within a week. Investor optimism has already boosted the company’s share price, which reached a record high after rising nearly 6% during trading. The stock has increased more than fourfold since last July, reflecting growing confidence in the lender’s future strategy.
Bloomberg