FirstHoldCo, the parent company of First Bank of Nigeria Limited, has successfully raised $125 million in an oversubscribed rights issue, marking a significant milestone in its capital-raising plans. Under the leadership of billionaire investor Femi Otedola, this fresh injection of capital strengthens FirstHoldCo’s financial position as it prepares for further expansion.
Investor Confidence Fuels FirstHoldCo’s Growth
Originally targeting N150 billion ($100 million), the rights issue exceeded expectations, attracting 25% oversubscription and pushing the final figure to N187.6 billion ($125 million). Group Managing Director Adebowale Oyedeji credited this overwhelming investor response to strong shareholder trust in the company’s long-term strategy.
Building on this momentum, FirstHoldCo is now preparing for the second phase of its capital-raising plan—a N350 billion ($230 million) private placement aimed at further strengthening its financial base. Regulatory support from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) has ensured a smooth process, enabling the group to focus on market expansion, digital innovation, and long-term growth.
Expressing gratitude to shareholders, Femi Otedola, FirstHoldCo’s largest individual investor with a 13.16% stake, stated:
“On behalf of the Board of Directors, I extend my heartfelt gratitude to our shareholders and stakeholders who made this rights issue a success. Your belief in FirstHoldCo and its future is deeply appreciated.”
With shareholder approval secured at the 12th Annual General Meeting on November 14, 2024, the second phase of the capital raise will soon commence.
Otedola’s Leadership Fuels FirstHoldCo’s Transformation
Founded 130 years ago, FirstHoldCo has long been a pillar of Nigeria’s financial sector. Since Femi Otedola began acquiring shares in 2021, the company has undergone a strategic transformation, securing its place as one of Africa’s leading financial institutions.
Key Financial Growth Metrics (2023 vs. 2024)
•Gross Earnings: N1.56 trillion ($1.02 billion) → N3.33 trillion ($2.17 billion)
•Total Assets: $11.14 billion → $17.46 billion
•Equity: N1.72 trillion ($1.13 billion) → N2.54 trillion ($1.67 billion)
•Retained Earnings: N588.9 billion ($387.4 million) → N1.3 trillion ($855 million)
These figures reflect the success of Otedola’s strategic leadership, transforming FirstHoldCo into a stronger and more competitive financial powerhouse.
FirstHoldCo Unveils 44-Story Eko Atlantic Headquarters
Beyond its financial achievements, FirstHoldCo is reshaping Lagos’ skyline with the groundbreaking of its 44-story headquarters in Eko Atlantic City. The 252-meter skyscraper, covering 115,000 square meters, will be an eco-friendly, cost-efficient landmark, reinforcing FirstBank’s commitment to sustainability.
High-Profile Attendees at the Groundbreaking Ceremony
The event brought together Nigeria’s top business and political leaders, including:
•Vice President Kashim Shettima
•Africa’s richest man, Aliko Dangote
•Lagos State Governor Babajide Sanwo-Olu
•Ogun State Governor Dapo Abiodun
•Ondo State Governor Lucky Aiyedatiwa
•Former Senate President Bukola Saraki
Also present were prominent business leaders, including:
•Gilbert and Ronald Chagoury (Chagoury Group)
•Deji Adeleke (Pacific Holdings)
•Tunde Folawiyo (Folawiyo Group)
•Daisy Danjuma (May & Baker Nigeria Plc)
The skyscraper represents more than just a new corporate headquarters—it is a symbol of FirstBank’s ambition and commitment to future growth. As one of Africa’s largest financial institutions, FirstHoldCo continues to expand its influence in the banking sector, reinforcing Femi Otedola’s legacy as a visionary investor shaping the future of Nigeria’s financial landscape.
Looking Ahead
With a strengthened capital base, an aggressive growth strategy, and a landmark headquarters on the horizon, FirstHoldCo is well-positioned for long-term success. Under Otedola’s leadership, the institution is set to play a pivotal role in the next era of African banking, driving innovation, expansion, and financial excellence.
