Nigeria’s oldest financial institution, First HoldCo Plc, has commenced a N1.4 trillion ($1 billion) share offering after securing approval from the Central Bank of Nigeria (CBN), in a move aimed at strengthening its banking capital base and funding expansion into new financial services businesses.
The offer, which opened on Monday, involves the sale of 10.4 billion ordinary shares previously held by RC Investment Management Ltd., the special-purpose vehicle that acquired the stake as a bridge shareholder during the lender’s ownership restructuring last year.
Olusegun Alebiosu, chief executive officer of First Bank, the group’s flagship banking subsidiary, said demand for the shares has been overwhelming and the offer could close well ahead of schedule.
“The sale is starting today — the reality here is that I am not sure it will stay more than one week based on the pressure we are getting,” Alebiosu said in an interview.
The transaction marks
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