FBN Holdings Plc has commenced its Rights Problem, providing 5.983 billion abnormal shares at 50 kobo every, priced at N25 per share, elevating N150 billion for current shareholders.
The supply is structured as one new share for each six abnormal shares held as of October 18.
In a press release issued on Sunday in Lagos, FBN Holdings’ Chairman, Mr. Femi Otedola, defined that the initiative goals to recapitalize its industrial banking arm, First Bank of Nigeria Ltd.
Otedola emphasised that the capital injection will strengthen the financial institution’s capability for enterprise progress and growth throughout each wholesale and retail markets.
He added that the funds would additionally help automation, improve digital banking companies, and drive the financial institution’s African growth agenda.
Otedola known as on shareholders to take up their rights, noting that their participation will strengthen the group and place First Financial institution for sustained progress and improved efficiency.
He mentioned, “Printed copies of the participation kind might be downloaded by way of the corporate’s web site, FirstBank branches and workplaces of the Issuing Homes. Additionally, the web site of Meristem Registrars through the Supply Interval. The appliance may also be made by way of FirstMobile platform.”
“All the prevailing shareholders are suggested to review the rights round rigorously, and, if doubtful, seek the advice of their Stockbrokers and Portfolio Supervisor.”
In March 2024, the Central Bank of Nigeria (CBN) introduced a brand new capital requirement for tier-1 banks with worldwide banking licence from N25 billion to N500 billion whereas that of nationwide banks was put at N200 billion. The apex financial institution set a timeline of two years (24 months) to fulfill the brand new requirement.
