FirstHoldCo becomes Nigeria's most valuable bank, opens N1.4 trillion share sale
By Aboki Forex —
FirstHoldCo, the parent company of First Bank of Nigeria, has become the country's most valuable financial institution with a market capitalisation of N6.09 trillion. The company has opened a public offer of 10.4 billion shares worth N1.4 trillion, with the Central Bank of Nigeria's approval.
Offer may close in one week
The sale kicked off on Monday. Chief Executive Officer Olusegun Alebiosu said demand has 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.
The N1.4 trillion ($1 billion) target is one of the largest capital raises by a Nigerian financial institution in recent memory. Funds raised will boost the bank's core lending business and support the holding company's push into insurance underwriting and financial technology services, according to a Bloomberg Report.
Ownership dispute resolved
The public offer brings a drawn-out corporate dispute to a close. Last year, Barbican Capital Ltd sold off its large equity stake in the lender during a period of leadership and ownership conflict. To prevent instability, FirstHoldCo moved a quarter of its total shares to RC Investment Management Ltd, which held the stake temporarily while awaiting regulatory clearance for the sale.
Investors respond
Investors welcomed the offer. FirstHoldCo shares rose 3.43 per cent to close at N134 at the end of Monday's trading session. The rally lifted at least 20 companies listed on the Nigerian Exchange past the $1 billion market capitalisation mark, according to analysis based on closing prices and the official exchange rate of N1,362.20 to the dollar on Monday, July 28, 2026. Telecoms, banking, cement, consumer goods, energy and hospitality companies all feature in the billion-dollar club.
For the naira and Nigerian businesses, the strong demand signals confidence in the financial sector and could support greater credit availability as the bank expands beyond traditional banking.