First Ally Capital Limited, a company associated with Ebenezer Olufowose, chairman of First Bank of Nigeria Limited, has acquired 64,516,129 shares of First Holdco Plc in a transaction executed on November 25 at the Nigerian Exchange Limited (NGX).
The shares were purchased at N31.05 each, according to an insider dealing notification filed by First Holdco Plc.
On the same trading day, First Holdco’s stock closed at N31 per share, with investors exchanging 93,716,871 units.
The financial group currently has 41.877 billion shares outstanding, placing its market capitalization at N1.298 trillion. The stock has traded between a 52-week high of N37.50 and a low of N23.55.
The development comes on the heels of a major milestone for the group’s flagship subsidiary, First Bank of Nigeria Limited, which recently redeemed its $350 million Eurobond that matured on October 27, 2025.
The 8.625 percent Senior Notes, issued in 2020 and oversubscribed by 70 percent, underscored strong international investor confidence in First Bank’s governance and market resilience.
Proceeds from the Eurobond were channeled into strategic customer projects and national development initiatives, reinforcing First Bank’s role in supporting Nigeria’s economic growth.
The redemption also highlights the bank’s disciplined liability management and its strong foreign currency liquidity position.
Since its first Eurobond issuance in 2007, First Bank has successfully redeemed a total of $1.275 billion across four maturities, strengthening its reputation as a consistent and credible issuer in global capital markets.