Discover Why First Bank is Rebranding to First Holdco Plc

FBN Holdings Plc, the parent company of First Bank of Nigeria, has announced plans to change its name to First Holdco Plc, following shareholder approval during its 12th Annual General Meeting (AGM) held virtually last Thursday.

The decision includes extending the new name to all subsidiaries and updating the company’s Memorandum and Articles of Association to reflect the change. The company’s Secretary, Adewale Arogundade, confirmed this development in a recent statement.

N350 Billion Capital Raise Approved

In addition to the rebranding, shareholders also approved a ₦350 billion capital raise to support the company’s growth and expansion plans. This will be implemented through public offerings, private placements, or rights issues in both local and international markets.

The capital raise aims to strengthen the company’s financial base and improve its capacity to explore new business opportunities. The final pricing and structure will be determined using valuation methods such as book-building.

Focus on Growth

These strategic moves highlight FBN Holdings’ commitment to aligning its operations with modern business demands while ensuring sustainable growth. The transition to First Holdco Plc is expected to enhance the company’s market presence and operational efficiency.

For more information, visit the full report on THISDAY.