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Femi Otedola's First Bank has completed a N45 billion ($32.8 million) private placement tranche as FirstHoldCo moves toward a shareholder approved N1 trillion capital base.
Access Holdings chairman Aigboje Aig-Imoukhuede says the group has concluded 20 acquisitions in 20 years and is now shifting focus entirely to shareholder returns.
Access Holdings has secured a $500 million International Finance Corporation deal to boost local currency financing across its banking network spanning more than 20 African countries.
FirstHoldCo shareholders approved the N253 billion capital raise at today's 14th AGM, clearing the path for Femi Otedola's N1 trillion paid-up capital target for First Bank of Nigeria.
FirstHoldCo is seeking shareholder approval to raise N253 billion in fresh capital as it pushes toward a N1 trillion paid-up capital base.
Zenith Bank has named Kennedy Onuwa Okwudili as an executive director in a move reinforcing its leadership pipeline under chairman Jim Ovia and CEO Umeoji.
Jim Ovia's Zenith Bank Plc reclaimed its position as Nigeria's most valuable lender after shares surged to an all-time high of N111.
Femi Otedola says rebuilding First HoldCo will involve tough disruptions as the group resets its balance sheet and positions for long term stability.