First Bank of Nigeria Holdings Plc, one of Nigeria’s largest financial institutions, has received shareholder approval to change its name to First Holdco Plc. This decision was reached at the company’s 12th Annual General Meeting (AGM), held virtually on Thursday. According to the company’s Secretary, Adewale Arogundade, the name change will apply across all subsidiaries of FBN Holdings, signaling a group-wide rebranding effort.
As outlined in the resolutions, the company’s legal and brand names will officially transition from “FBN Holdings Plc” to “First Holdco Plc” and from “FBN Holdings” to “FirstHoldco.” The directors have been authorized to carry out all necessary actions to ensure compliance with this transition, including regulatory approvals. Upon completing the name change and related processes, the company’s Memorandum and Articles of Association will be updated to reflect the new name and revised share capital.
Additionally, FBN Holdings announced that its shareholders had approved plans to raise ₦350 billion to strengthen the company’s financial position and facilitate future growth. The capital raise will be executed through various methods, including public offerings, private placements, and rights issues, targeting both Nigerian and international markets. The share price will be determined through a book-building process or other valuation methods, offering flexibility in the fundraising approach.
The new funds will be allocated to support the company’s strategic objectives, including operational expansion and improved financial resilience. The company’s share capital will be increased by the number of ordinary shares required for the capital raise. The directors have been authorized to pass the necessary resolutions to facilitate the issuance of these new shares and ensure their compliance with regulatory standards.
Furthermore, FBN Holdings plans to secure the listing and trading of the newly issued securities on the Nigerian Exchange Limited and potentially other international exchanges. The capital raise and associated resolutions are subject to approvals from relevant regulatory authorities.
The decision builds on previous fundraising efforts. In April, the company announced plans to raise ₦300 billion, and on November 1, it disclosed intentions to generate an additional ₦150 billion through a rights issue program. These efforts are part of a broader strategy to enhance the company’s capital base and sustain its competitive edge in Nigeria’s financial sector.
The rebranding to First Holdco Plc and the ₦350 billion capital raise mark significant milestones for the company, reflecting its commitment to growth, operational excellence, and delivering value to shareholders and stakeholders.
