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FirstHoldCo secured Central Bank of Nigeria approval to offer 10.4 billion shares worth N1.4 trillion to the publicCEO Olusegun Alebiosu said demand has been so strong he doubts the offering will remain open beyond one weekThe capital raise follows a complex ownership battle that saw Barbican Capital offload its equity stake in the lender last year
FirstHoldCo, the parent company of First Bank of Nigeria, has emerged as the country’s most valuable financial institution, with a market capitalisation of N6.09 trillion, and is now seeking to raise N1.4 trillion through a public share offering approved by the Central Bank of Nigeria.
The sale, which covers a block of 10.4 billion shares, opened to investors on Monday. Chief Executive Officer Olusegun Alebiosu said the level of interest in the offering had already exceeded expectations within hours of opening.
First begins $1 billion share sale after emerging as Nigeria’s most valuable bank Credit: NovatisSource: Getty
