FirstHoldco announces 25% oversubscription of N150bn rights issue, preparing for N350 billion private placement 

FirstHoldco Plc has disclosed the successful completion of its N150 billion Rights Issue, which was oversubscribed by an impressive 25%.

This milestone sets the stage for the company’s next phase: a planned Private Placement to raise an additional N350 billion.

Speaking on the capitalisation exercise, Adebowale Oyedeji, Group Managing Director of FirstHoldco Plc, highlighted the strong investor confidence demonstrated in the first phase of the capital raise initiative.

“We are delighted to announce the successful completion of the up to N150 billion Rights Issue following impressive subscriptions of N187.6 billion, over 25% above target, in this first phase of the capital raise exercise,” he stated.

Oyedeji emphasized that the overwhelming response from shareholders signifies trust in the company’s strategic vision. He added that the newly raised capital will enable FirstHoldco to enhance its market position, invest in innovation, and support sustainable growth for FirstBank,…