First HoldCo, Nigeria’s most valuable financial institution with a N6.09 trillion market capitalisation, is seeking to raise N1.4 trillion ($1 billion) through a share sale after securing permission from the Central Bank of Nigeria.
The offering, which consists of a 10.4 billion share block, officially opened to buyers on Monday. According to Olusegun Alebiosu, the bank’s chief executive officer, the market response has already been overwhelming.
“The sale is starting today — the reality here is that I am not sure it will stay more than one week based on the pressure we are getting,” he said.
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This public offering is the final step in resolving a complex corporate drama. Last year, during a leadership and ownership tussle, Barbican Capital Ltd. offloaded its massive equity position in the lender. To stabilise the ownership structure, First HoldCo transferred a quarter of its total shares to RC Investment Management Ltd., which acted as a temporary bridge holder until regulatory approvals allowed the bank to float the block to the broader public.
