First HoldCo has launched a N1.4 trillion secondary share sale on the Nigerian Exchange (NGX), marking one of the largest equity transactions in Nigeria’s capital market history. The offering began on August 4 and has already attracted strong investor interest.
The financial institution, currently valued at N6.09 trillion, remains Nigeria’s most valuable listed banking group by market capitalisation. The transaction comes at a time when the country’s stock market is benefiting from improving macroeconomic conditions and growing investor optimism.
Share Sale Targets Existing Holdings
The offer involves the sale of 10.4 billion shares owned by RC Investment Management. The investment vehicle acquired the shares at N31 per share during last year’s ownership restructuring.
The shares are now being offered to investors at N110 per share, representing a significant increase in value since the original acquisition.
Importantly, this is a secondary market transaction. As a result, First HoldCo will not receive any proceeds from the sale because the shares belong to an existing shareholder rather than the company itself.
Strong Investor Appetite
First HoldCo Group Chief Executive Officer, Olusegun Alebiosu, said investor demand has been overwhelming since the offer opened.
According to him, subscriptions have exceeded expectations, and the transaction could close within a week if the current pace continues. The strong response reflects growing confidence in Nigeria’s banking sector and the broader equity market.
Ownership Dispute Finally Resolved
The share sale also marks the conclusion of a complex ownership restructuring that has attracted attention over the past year.
By releasing a substantial block of shares into the public market, the transaction is expected to improve liquidity and expand investor participation in First HoldCo’s stock.
Market analysts believe the successful execution of the offer could strengthen confidence in future large-scale equity offerings on the Nigerian Exchange.
Positive Signal for Nigeria’s Capital Market
The transaction comes as investors increasingly return to Nigerian equities. Improved macroeconomic indicators, expectations surrounding the proposed Dangote Refinery IPO, and stronger corporate earnings have boosted market sentiment.
The success of the First HoldCo share sale is also expected to serve as an important indicator for the banking sector as lenders prepare to meet the Central Bank of Nigeria’s recapitalisation deadline.
With First HoldCo maintaining its position as Nigeria’s most valuable financial institution by market value, the rapid uptake of the offer could reinforce investor confidence in both the banking industry and the country’s capital market.
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