First HoldCo Plc has raised N83.7 billion through a private placement following the issuance of 2.58 billion ordinary shares at N32.50 per share, according to a market disclosure filed with the Nigerian Exchange.
The newly issued shares were listed on the NGX on January 5, increasing the group’s issued share capital from 41.88 billion shares to 44.45 billion shares. Based on the enlarged share base, the private placement represents about 5.79 per cent ownership of the group. The NGX filing did not disclose the identity of the investor or investors behind the transaction.
Following the listing, First HoldCo’s confirmed paid-up share capital stands at about N481.8 billion, slightly below the N500 billion minimum capital threshold prescribed by the Central Bank of Nigeria for internationally licensed banks. Despite this, the group has maintained that it has already satisfied the regulatory requirement at the operating bank level.
In a statement issued on January 2, the Chairman of First HoldCo, Femi Otedola, said the group’s commercial banking subsidiary had met the CBN requirement. “FirstBank, the commercial banking arm of First HoldCo Plc, has met the N500 billion minimum capital base required by the Central Bank of Nigeria (CBN) for an international banking licence,” Otedola said.
In December 2025, Otedola increased his stake in First HoldCo to over 18 per cent, reinforcing his position as the group’s largest shareholder. If he was the investor behind the latest private placement, his ownership could rise to more than 24 per cent, further consolidating his influence over the lender. However, the identity of the buyer has not been disclosed.
The NGX disclosure also revealed that First HoldCo initially planned to raise N106.5 billion through the issuance of 3.28 billion shares under the private placement. The final outcome fell short of this target, with the group ultimately raising N83.7 billion from the exercise.
