Confidence in one of Nigeria's oldest financial institutions is receiving the investing public attention as First HoldCo Plc embarks on a N1.4 trillion ($1 billion) public share offer, a landmark fundraising exercise expected to strengthen its banking operations while accelerating expansion into other fast-growing areas of financial services.
The offer, which officially opened on Monday, August 3, follows approval from the Central Bank of Nigeria (CBN) and places 10.4 billion shares before investors. Early indications suggest demand has been exceptionally strong.
Speaking on the offer, First Bank Chief Executive Officer, Olusegun Alebiosu, said investor appetite could see the exercise conclude much sooner than anticipated.
"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 capital raise comes at a time when First HoldCo is building momentum on several fronts. Beyond reinforcing the capital base of its banking business, the group plans to deploy the proceeds to expand its presence in insurance underwriting and financial technology, strengthening its position as a diversified financial services provider.
The fundraising exercise also represents the culmination of a restructuring process that began last year. Following ownership and leadership disputes that led Barbican Capital Ltd. to dispose of its stake, about one-quarter of First HoldCo's shares were transferred to RC Investment Management Ltd., which acted as a bridge holder. At the time, the company disclosed that those shares would eventually be offered to the investing public after obtaining the required regulatory approvals, a process now completed with the CBN's approval.
Investors have already responded positively to the company's trajectory. Over the past week, First HoldCo's share price has gained more than eight percent, climbing to N134 . The stock has also appreciated more than fourfold since July 2025, when the shares formerly held by Barbican Capital were transferred to RC Investment Management.
That sustained market performance has lifted First HoldCo's valuation above N6 trillion, making it the first banking stock on the Nigerian Exchange to achieve the milestone.
The company's financial performance has further strengthened confidence. For the six months ended June 30, 2026, First HoldCo reported a pretax profit of N653.54 billion, compared with N356.15 billion recorded during the same period in 2025.
The improvement was driven by stronger operating income, lower credit-loss provisions and growth across several of the group's business segments, underscoring the company's improving earnings capacity ahead of the capital raise.
Meanwhile, market watchers continue to monitor changes in the company's ownership structure. Chairman and billionaire businessman Femi Otedola has increased his holdings from 9.99 billion shares to 11.77 billion shares, raising his ownership stake from 21.96 percent to 25.88 percent.
Headquartered in Lagos, First HoldCo traces its origins to First Bank, founded in 1894. Formerly known as FBN Holdings Plc, the group adopted the First HoldCo name in February 2025 and today maintains interests spanning commercial banking, investment banking, asset management and insurance brokerage.
As the public offer progresses, the company is seeking to reinforcing the foundation for its next chapter, one built on stronger banking operations, broader financial services capabilities and sustained investor confidence in a Nigerian institution that has remained a central player in the country's financial landscape for well over a century.
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