FirstHoldco Plc Attains Full-subscription of N150bn Rights Issue

FirstHoldco Plc has successfully completed its N150 billion Rights Issue, surpassing expectations with a 25 percent oversubscription.
The company raised N187.6 billion in the first phase of its capital-raising initiative, reinforcing investor confidence in its strategic direction.
Announcing the milestone, Group Managing Director of FirstHoldco Plc, Mr. Adebowale Oyedeji, highlighted the enthusiastic shareholder response, attributing it to trust in FirstHoldco’s long-term vision.
“We are delighted to announce the successful completion of the N150 billion Rights Issue, which saw impressive subscriptions of N187.6 billion—over 25 percent above target,” Mr. Oyedeji stated.
He emphasised that the funds would be instrumental in strengthening FirstHoldco’s market position, fostering innovation, and ensuring sustainable growth, particularly for its flagship subsidiary, FirstBank.
Chairman of FirstHoldco Plc, Mr. Femi Otedola, echoed Mr. Oyedeji’s sentiments, expressing gratitude to shareholders and regulatory bodies for their support.
“The strong participation in this Rights Issue reflects the collective belief in FirstHoldco’s bright future,” he said, acknowledging the role of the Central Bank of Nigeria and the Securities and Exchange Commission in ensuring transparency.
With the approval granted at the company’s 12th Annual General Meeting on November 14, 2024, FirstHoldco is now poised to proceed with the second phase of its capital-raising exercise—a Private Placement targeting up to N350 billion.
FirstHoldco’s capital-raising plan includes diverse funding avenues, such as public offerings, private placements, and rights issues, in both local and international markets. Shareholders also approved a dividend of 40 kobo per 50 kobo ordinary share, totaling N14.36 billion for the 2023 financial year.
This financial momentum highlights FirstHoldco’s commitment to leveraging innovation and strategic expansion to solidify its market presence. As it embarks on the next phase, investors will closely watch how the company deploys its capital to drive long-term growth.