The Nigerian Exchange (NGX) has officially admitted an additional 2.57 billion ordinary shares of First HoldCo Plc to its Daily Official List, marking a significant development in the company’s capital structure and reinforcing its position as one of the most closely watched financial stocks in Nigeria.
The newly admitted shares, totaling 2,575,851,543 ordinary units of 50 kobo each, were listed on Monday, January 5, 2026, according to details contained in the NGX’s weekly market performance report circulated to trading license holders. The admission follows the successful conclusion of a private placement conducted by the financial holding company in December 2025.
The private placement involved the offer of 3,276,923,077 ordinary shares at an issue price of N32.50 per share, translating to a total offer size of approximately N106.5 billion. Investor response to the offer was strong, with 78.61% of the shares subscribed, reflecting sustained market confidence in the company’s long-term outlook and financial stability.
Data from the NGX indicate that the listing of the additional shares has increased First HoldCo’s total issued and fully paid share capital from 41.88 billion shares to 44.45 billion shares. This expansion has, in turn, boosted the group’s estimated equity value from about N1.9 trillion to N2.04 trillion, based on the company’s prevailing market price of N46.10 per share.
The allotment process for the private placement has received regulatory approval, with the Securities and Exchange Commission (SEC) endorsing the basis of allotment. Under the approved framework, Meristem Registrars and Probate Services Limited has been instructed to credit the Central Securities Clearing System (CSCS) accounts of successful investors on or before January 15, 2026.
The capital raise forms a key component of First HoldCo’s broader strategy to strengthen its balance sheet in response to Nigeria’s evolving banking regulations. The exercise was undertaken as part of efforts to meet the N500 billion recapitalisation threshold introduced by the Central Bank of Nigeria (CBN) for systemically important financial institutions.
Market assessments indicate that First HoldCo’s flagship subsidiary, FirstBank, has already met the CBN’s new regulatory capital requirement, placing the group in a strong position ahead of potential industry consolidation or regulatory enforcement actions.
From a market performance perspective, First HoldCo remains one of the standout stocks on the NGX. The company’s shares are currently trading at N46.10, with investor sentiment pointing toward continued strength in 2026 following an impressive performance in the previous year.
In 2025, First HoldCo’s stock delivered a 70.77% gain, rising from N28.05 at the beginning of the year to N47.90 by year-end. While the stock experienced a relatively slow first half of the year—falling to a low of N26—momentum accelerated in the second half, particularly in December, when the share price surged by over 54%.
Financial results released by the group also paint a mixed but resilient picture. For the nine months ended September 2025, First HoldCo reported a pre-tax profit of N566.5 billion, representing a 7.26% decline compared to the N610.86 billion recorded in the corresponding period of 2024. Despite the headline drop, core earnings indicators remained robust.
Net interest income after impairments rose sharply by 72.48% year-on-year to N1.21 trillion, largely driven by elevated interest rates and improved asset yields. Analysts have pointed to this performance as evidence of the group’s ability to adapt profitably to Nigeria’s high-interest-rate environment.
The latest share admission confirms the completion of First HoldCo’s private placement and further enhances liquidity in the stock. Given the group’s size, systemic relevance, and recent financial performance, market participants are expected to continue monitoring its strategic decisions closely as it builds on the momentum generated in 2025 and positions itself for the year ahead.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
