FBN Holdings Plc has initiated a rights issue, offering nearly 5.983 billion ordinary shares at 50k each to existing shareholders, aiming to raise ₦150 billion.
This offering follows a one-for-six ratio and is available to shareholders of record as of October 18.
FBN Holdings Chairman, Mr. Femi Otedola, noted that the capital raised will bolster the bank’s financial stability and support its growth and expansion throughout Africa.
He said, “This initiative is not only about raising funds but about laying a solid foundation for our future.
“Our goal is to empower First Bank of Nigeria Ltd. with the resources it needs to expand in both wholesale and retail banking, while also fortifying our digital and automation capabilities.
“Supporting this rights issue is a direct investment in our company’s resilience and growth. We’re confident this will deliver an enhanced Total Shareholders’ Return (TSR) over the medium term and reestablish First Bank’s leadership in the financial sector.”
On Monday, FBN Holdings began trading on the Nigerian Exchange at ₦28.75 per share. By 11:15 a.m., the company had traded 463,408 shares worth ₦13.34 million over 53 transactions.
Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.