First Ally Capital Invests N2bn in First Holdco Shares Amid Rising Market Confidence
First Ally Capital Limited, an investment firm linked to Ebenezer Olufowose, chairman of First Bank of Nigeria Limited, has deepened its stake in First Holdco Plc with a fresh N2 billion investment. The firm acquired 64,516,129 units of First Holdco shares at N31.05 each, according to a regulatory filing submitted to the Nigerian Exchange Limited (NGX). The move signals growing confidence among insiders in the group’s long-term performance.
The transaction, executed on Tuesday, November 25, contributed to the 93.7 million shares traded that day as First Holdco’s stock closed at N31 per share. With 41.88 billion outstanding shares, the company maintained a market capitalisation of approximately N1.298 trillion. Market data also shows that the stock remains resilient, trading between a 52-week high of N37.50 and a low of N23.55, reflecting investor interest in the financial giant.
The recent insider purchase comes at a time when First Holdco’s flagship subsidiary, First Bank of Nigeria Limited, has strengthened its international credit reputation. The bank recently redeemed its $350 million Eurobond, which matured on October 27, 2025. Issued in 2020 at an 8.625% coupon rate, the bond was oversubscribed by 70 percent, underlining the confidence of global investors.
According to the bank, proceeds from the Eurobond supported major customer projects and key national initiatives, reinforcing FirstBank’s contribution to Nigeria’s economic development. The successful redemption also highlights the lender’s disciplined balance sheet management, robust foreign-currency liquidity position, and sound governance practices.
With a track record of redeeming $1.275 billion across four Eurobond cycles since 2007, FirstBank continues to cement its presence as a reliable issuer in the global capital market. The fresh N2bn stake by First Ally Capital further strengthens the group’s market outlook, signaling optimism within top ranks as the institution positions itself for future growth.
source: Business day