Keyphrase: FBN Holdings rebrand
Meta Description: FBN Holdings rebrands to First Holdco Plc after shareholder approval at its AGM, alongside plans to raise ₦350 billion in capital.
FBN Holdings Plc has received shareholder approval to change its name to First Holdco Plc and pursue a ₦350 billion capital raise to strengthen its financial position.
Shareholder Approvals at the 12th AGM
At the company’s 12th Annual General Meeting (AGM), held virtually, shareholders agreed to rebrand FBN Holdings and its subsidiaries under the new name First Holdco Plc.
Company Secretary Adewale Arogundade disclosed that the decision was part of the company’s broader strategy to streamline its identity and operations. “The directors have been authorized to implement all necessary steps to reflect the new legal name and brand across subsidiaries and update the Memorandum and Articles of Association accordingly,” the notice read.
₦350 Billion Capital Raise
FBN Holdings also secured approval to raise ₦350 billion in capital through multiple options, including:
- Public offerings,
- Private placements,
- Rights issues,
- Targeting both Nigerian and international markets.
The capital raise is aimed at bolstering the company’s financial base and supporting growth initiatives. The share price will be determined via a book-building process or other valuation methods.
Next Steps and Regulatory Approvals
FBN Holdings emphasized that the capital raise is contingent upon regulatory approvals. The new ordinary shares will be listed on the Nigerian Exchange Limited and potentially other securities markets.
In a related move, the company had announced a ₦150 billion rights issue program earlier in November, part of its phased capital-raising strategy.
These steps signal FBN Holdings’ commitment to strengthening its market position while aligning its branding with its growth ambitions.
