The First HoldCo equity offering aims to raise $1B to meet recapitalization demands and drive new growth across African markets.
First HoldCo Plc has secured regulatory approval from the Central Bank of Nigeria to launch a $1 billion equity offering.
Launched on August 3, 2026, the $1 billion transaction involves selling a major block of shares previously held by a bridge firm to institutional and retail investors.
The sale is driven primarily by the need to meet the Central Bank of Nigeria’s newly raised minimum capital requirements for the banking sector.
The offer allows the bridge firm to fully divest its temporary holding back into the public market.
The shares were originally placed with RC Investment Management Ltd., which stepped in as a interim trustee after Barbican Capital Ltd. relinquished its stake following prolonged governance and equity disputes.
As Bloomberg noted, First HoldCo had previously pledged to offer the shares to the public as soon as regulatory approval was secured.
Releasing this volume of equity is set to reshape the bank’s major ownership structure while boosting trading liquidity.
By broadening the investor base locally and internationally, the transaction aims to reinforce the bank’s long-term capital stability.
Given the institution’s overall size and valuation, market analysts view the scale of the offering as a major milestone for the local financial sector.
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The share offering has already drawn swift interest from major funds and institutional investors looking for equity exposure in West Africa.
Reinforcing that early momentum, Olusegun Alebiosu, CEO of the lender’s banking unit, FirstBank, signaled to Bloomberg that the offer might close far ahead of schedule.
“The sale is starting today, and given the sheer pressure and demand we’re seeing, I don’t think it will last more than a week.”
