“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.

“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 that of the capital market. We are excited about the opportunities ahead and remain committed to optimising value for our shareholders.”

The Chairman of First HoldCo Plc, Mr Femi Otedola, added, “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 FirstHoldCo and its bright future. We deeply appreciate the continued support and partnership, which enables us to embark on this next phase of growth.

“We also wish to acknowledge our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, for their guidance and support throughout the process, ensuring that all procedures were transparent and in full compliance with the applicable regulations. In line with the overwhelming support and approval granted by the shareholders at the 12th Annual General Meeting of the company on November 14, 2024, the second phase of the raising of up to N350bn will commence in earnest. We further solicit the support of all stakeholders in this regard.”

The oversubscription of the rights issue underscores strong investor confidence and reinforces momentum ahead of the upcoming private placement. With this initiative, FirstHoldCo aims to bolster its financial capacity, enhance its competitive positioning, and further solidify its leadership within the Nigerian financial sector.

First HoldCo Plc is a financial holding company and one of the largest financial services organisations in Africa. It is a diversified and leading financial services group offering a broad range of products and services through its subsidiaries across commercial banking, asset management, capital markets, trusteeship and insurance broking to millions of customers.