First HoldCo records,25% oversubscription of rights issue

First HoldCo Plc said its recently concluded rights issue was oversubscribed by 25 per cent as it reported N187.6 billion in subscriptions from existing shareholders even though it set out to raise N150 billion.

The company’s managing director, Adebowale Oyedeji, said the transaction had received capital verification from the Central Bank of Nigeria.

The financial services group noted that the strong interest from investors affirms “the trust and confidence placed in the FirstHoldCo Group and its vision for the future.”

Lenders in Nigeria are in a race to raise capital buffers to new thresholds set by the central bank for core capital and have until March 2026 to meet the new requirements.

First Bank of Nigeria, the country’s oldest lender and the commercial banking division of First HoldCo, needs to buck up its tier 1 capital to at least N500 billion as required of lenders holding international banking licenses.

Other lenders within this category include Access…