First Bank's Public Offer is ready

First Bank of Nigeria Plc on Tuesday began the process of raising fresh funds from the market with an application to the Nigerian Stock Exchange.

The bank applied to offer 1.6billion ordinary shares of 50 kobo each to be sold at N33 per share for public subscription and 1.5billion ordinary shares of 50 kobo each at N31 per share as Rights Issue to existing shareholders.

The bank is expected to realise gross proceeds of N99.3bn from the hybrid offer, the highest in the history of the Nigerian capital market.

The new capital would assist the bank maintain its leadership position in the Nigerian banking industry, as well as in African continent. He said the new capital drive is being propelled by the bank’s vision, which is to be Africa’s bank of first choice.

The funds would also assist the bank in the modernisation of its branches and to pursue growth in its business.

Although the bank had upgraded some of its branches to meet up with the challenges of the times, there are still some branches of the bank that needed to be elevated in terms of architecture and ambience.

In my own opinion, i think wise investors should take advantage of this offer.

You will succeed