January 12, (THEWILL) — First HoldCo’s additional 2,575,851,543 ordinary shares of 50 kobo each were officially admitted to the Nigerian Exchange (NGX) Daily Official List on Monday, January 5, 2026.
This was disclosed in a section of the NGX weekly market report on stock performance, addressed to Trading License Holders. The admission follows a December 2025 private placement of 3,276,923,077 ordinary shares at N32.50 each, of which 78.61% was subscribed.
According to the NGX report, the newly listed shares bring First HoldCo’s total fully paid units to 44,453,693,134 ordinary shares, up from 41,877,841,591.
As a result, the Group’s equity capital has grown from N1.9 trillion to N2.04 trillion, based on the current share price of N46.10. The private placement offered 3,276,923,077 ordinary shares at N32.50 each, valued at N106.5 billion.
Out of the shares offered, 2,575,851,543 units were subscribed through 10 applications, representing a 78.61% subscription rate.
The Securities and Exchange Commission (SEC) approved the basis of allotment, and Meristem Registrars and Probate Services Limited has been mandated to credit the CSCS accounts of successful allottees by January 15, 2026. The capital raise was part of the company’s strategy to meet the N500 billion recapitalization threshold.
First HoldCo’s stock is currently trading at N46.10, with the market anticipating a strong performance in 2026 following its impressive run in 2025. In 2025, the stock gained 70.77%, rising from N28.05 at the start of the year to N47.90 by December 31. Despite a slow start in H1 2025, which saw the stock dip to N26, momentum returned in H2, particularly in December, when the stock surged 54.27%.
On the financial side, First HoldCo reported a N566.5 billion pre-tax profit for the nine months ended September 2025 — a 7.26% decline from N610.86 billion in the same period in 2024. First HoldCo’s flagship banking subsidiary, FirstBank, has met the CBN’s N500 billion regulatory capital requirement.
