Details have emerged regarding the term sheet for First HoldCo Plc’s secondary market equity offering, with 10,433,909,058 ordinary shares priced at a fixed offer rate of ₦110 per unit.
The offering—which officially opened on August 3, 2026, and is scheduled to close on August 14, 2026—provides institutional and retail investors an entry point into Nigeria’s oldest financial institution at a notable discount to recent market trading levels on the Nigerian Exchange (NGX), where the stock reached record highs of ₦145 per share.
The block of shares represents the roughly 23% equity stake previously held in trust by special-purpose vehicle RC Investment Management Ltd. following governance restructuring.
Valuation Implication & Market Arbitrage
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Pricing Discount: At ₦110 per share, the secondary offer provides an immediate entry discount relative to the stock’s recent market price of ₦145.
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Low Capital Threshold: With a minimum entry requirement of just 100 shares (₦11,000), the structure accommodates broad retail participation alongside large institutional block buyers.
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Dollar Equivalent Entry: For foreign and dollar-denominated investors, the ₦110 pricing equates to approximately $0.078 per share (at ₦1,400/$), offering a low valuation entry point backed by the bank’s strong H1 2026 earnings growth and a targeted 60% dividend payout policy.
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