FBNHoldings Plc (FBNH) has launched a ₦149.6 billion rights issue to bolster First Bank of Nigeria Limited.
Announced in Lagos, the offering allows existing shareholders to buy one new share for every six held at ₦25.00 per share, aiming to drive growth and financial resilience for the bank.
FBN Holdings Plc (FBNH) has taken a significant step to enhance its flagship subsidiary, First Bank of Nigeria Limited, by launching a ₦149.6 billion rights issue.
At a recent ceremony in Marina, Lagos, the company announced it would offer nearly 6 billion new shares at ₦25.00 each, allowing shareholders to buy one new share for every six they hold.
During the event, Chairman Femi Otedola addressed the gathered shareholders, expressing confidence in the initiative.
“This capital raise will strengthen First Bank and help it reclaim its position among Nigeria’s leading financial institutions,” he stated, thereby encouraging active participation.
Furthermore, Group Managing Director Nnamdi Okonkwo elaborated on the intended use of the funds, highlighting that they would bolster FirstBank’s wholesale and retail banking operations, improve digital services, and support expansion throughout Africa.
“This rights issue allows shareholders to maintain their stakes while empowering First Bank to pursue key market opportunities,” Okonkwo noted.
Importantly, the rights issue received approval from shareholders in August 2023 and is available to those on record as of October 18, 2024.
Moreover, participation forms can be found on the FBN Holdings website, at FirstBank branches, and through designated issuing houses. In addition, digital applications are accessible via the FirstMobile app.
Finally, FBN Holdings encourages shareholders to carefully review the rights circular and seek professional advice to make informed investment decisions.
