First HoldCo Plc, the parent entity of one of Nigeria’s largest commercial bank, First Bank, has secured regulatory approval from the Central Bank of Nigeria to launch a major $1 billion equity offering.
Opening on August 3, 2026, the $1 billion transaction involves offloading a substantial share block previously held by a bridge firm to institutional and retail investors.
The sale is primarily driven by the need to fulfill the Central Bank of Nigeria's upgraded minimum capital requirements across the banking sector.
Additionally, it enables the bridge firm to fully divest its temporary holding into the open market.
The shares were previously placed with RC Investment Management Ltd., which stepped in as a bridge investor after Barbican Capital Ltd. unloaded its stake during internal leadership and equity battles.
