FBN Holdings Launches N150 Billion Rights Issue to Strengthen Lending and Digital Expansion
FBN Holdings is set to raise N150 billion from its shareholders through a rights issue, offering nearly six billion shares at N25 each. This capital injection will primarily support the corporate and retail lending segments, with allocations of N77.34 billion and N25.78 billion respectively. The initiative aims to strengthen FBN Holdings’ capital base, enabling the company to drive growth across multiple segments.
The remaining funds will be allocated to expand international operations and enhance digital banking platforms, such as First Mobile and First Online, with an additional N14.73 billion earmarked for automation and digital banking technology. These investments are expected to improve customer experience and broaden access to financial services across various demographics, leveraging mobile and online banking platforms.
At the signing ceremony, Chairman Olufemi Otedola urged shareholders to seize this opportunity, stressing that increased capital will enhance FBN’s growth and improve shareholder returns. Group Managing Director Nnamdi Okonkwo emphasized that the rights issue would enable shareholders to retain their stake while providing capital buffers to support business opportunities. The issue is open from November 4 to December 12, 2024, and is anticipated to elevate the market capitalization of FBN Holdings to over N1 trillion completion.
