First HoldCo Plc, Nigeria's largest lender, has secured approval from the Central Bank of Nigeria to raise approximately 1.4 trillion naira ($1 billion) through a share sale. The move follows a previous attempt that faced complications. The Central Bank of Nigeria granted formal authorization, signaling regulatory support for the financial institution's capital-raising strategy.

The share offering, managed by a bridge firm, aims to strengthen the bank's capital base and liquidity. Details on the timeline and specific terms remain undisclosed, though the transaction is expected to attract significant investor interest. This development underscores ongoing efforts by Nigerian financial institutions to bolster their financial positions amid economic challenges.

The bridge firm will likely facilitate the sale, ensuring smooth execution of the 1 billion dollar equity raise. Market observers anticipate the move could influence broader banking sector dynamics in the region.