A $1 billion stake linked to Africa's third-richest billionaire goes up for grabs today
First HoldCo Plc, the parent entity of one of Nigeria’s largest commercial bank, First Bank, has secured regulatory approval from the Central Bank of Nigeria to launch a major $1 billion equity offering. | Business Insider Africa
First HoldCo Plc, the parent entity of one of Nigeria’s largest commercial bank, First Bank, has secured regulatory approval from the Central Bank of Nigeria to launch a major $1 billion equity offering. Opening on August 3, 2026, the $1 billion transaction involves offloading a substantial share block previously held by a bridge firm to institutional and retail investors. The sale is primarily driven by the need to fulfill the Central Bank of Nigeria's upgraded minimum capital requirements across the banking sector. Additionally, it enables the bridge firm to fully divest its temporary holding into the open market. The shares were previously placed with RC Investment Management Ltd. , which stepped in as a bridge investor after Barbican Capital Ltd. unloaded its stake during internal leadership and equity battles. First HoldCo had pledged to "offer the shares to the public if it obtained regulatory approval. ", Bloomberg noted. Implications of the $1 billion transactionReleasing this volume of equity is expected to reconfigure major ownership stakes while significantly improving trading liquidity. The transaction is designed to broaden the investor base regionally and internationally, reinforcing the bank's long-term capital stability. Market analysts view the scale of the offering as a major milestone for the local financial sector given the institution's overall size and valuation. Investor demand and billionaire influenceThe share offering has already drawn rapid interest from major funds and investment firms seeking equity exposure in West Africa. “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. ”The share offering reveals the growing influence of major investors, notably Abdul Samad Rabiu, Africa’s third-richest billionaire, whose stake in the institution continues to draw high-profile interest. Investor enthusiasm is further amplified by the lender’s strong market trajectory, as the stock has quadrupled since July 2025.