First HoldCo Plc has opened a 1.4 trillion naira ($1 billion) public offering following regulatory approval from the Central Bank of Nigeria, unlocking a massive block of equity previously held in trust after a high-profile ownership dispute.
The offering involves the public sale of 10.4 billion ordinary shares—representing approximately a quarter of the group’s equity—which were transferred last year to special-purpose vehicle RC Investment Management Ltd. RC Investment acted as a bridge shareholder after Barbican Capital Ltd. divested its holdings amid leadership and governance restructuring at the lender.
Proceeds from the transaction will be injected directly into First Bank of Nigeria Limited to fortify its banking capital base and fund the holding company’s strategic expansion into insurance underwriting and financial technology services, according to Olusegun Alebiosu, Chief Executive Officer of the banking unit.
Surging Investor Demand and Valuation Expansion
The share sale comes amid strong momentum on the Nigerian Exchange (NGX), where First HoldCo’s share price surged as much as 5.9% to an all-time record high before trading 3.1% higher at ₦133.60 in Lagos. The stock has more than quadrupled since July 2025, when Barbican Capital’s shares were first transferred into the bridge structure.
“The sale is starting today (Monday August 03) — the reality here is that I am not sure it will stay more than one week based on the pressure we are getting,” Alebiosu said in an interview, signaling that institutional and retail demand could see the offer closed ahead of schedule.
The capital injection coincides with aggressive share purchases by Group Chairman Femi Otedola, whose personal beneficial stake reached nearly 26% in late July following a ₦222.2 billion block buy. The combined recapitalisation and equity placement position First HoldCo—Nigeria’s oldest financial group—to meet elevated central bank minimum capital thresholds while diversifying its earnings footprint.
 Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
 public offering following regulatory approval from the Central Bank of Nigeria){kind=link}