Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has further solidified his position in the financial services group by acquiring approximately 680 million additional shares through the company’s recently concluded private placement. This acquisition raises his total stake to 20.42%.
Documents reviewed by Nairametrics reveal that Otedola was allotted around 672.9 million shares valued at about N29.6 billion, maintaining his status as the company’s largest shareholder. The shares were issued at N44 per unit—below the market price of N60.50 at the time of the placement—making the offer particularly attractive to investors, as the stock traded between N49 and N83 during the year.
Industry sources indicate that Otedola, together with another major institutional investor, accounted for nearly 90% of the N45 billion capital raise, highlighting robust investor confidence in First HoldCo’s long-term outlook. “The private placement has been completed, with Otedola acquiring about 680.8 million shares and investing nearly N30 billion in the HoldCo. Another institutional investor took up most of the remaining shares,” a source familiar with the transaction said.
With the successful completion of the placement, First HoldCo’s share capital now stands at approximately N525.6 billion, comfortably surpassing the Central Bank of Nigeria’s minimum regulatory capital threshold.
In a filing to the Nigerian Exchange (NGX), First HoldCo confirmed the completion of the N45 billion second tranche of its ongoing N350 billion private placement programme, stating that all required approvals had been secured from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The company noted that proceeds from the capital raise will be injected into First Bank of Nigeria Limited to strengthen the bank’s capital base, bolster balance sheet resilience, and support future growth.
Otedola’s latest investment marks another milestone in his ongoing accumulation of shares in First HoldCo. Earlier in May 2026, he acquired 549.5 million shares through Calvados Global Services Limited in a deal worth about N43.4 billion, significantly increasing his holdings.
With the latest allotment, Otedola’s total shareholding is now estimated at more than 9.28 billion shares, further consolidating his influence within the group as it pursues an ambitious recapitalisation programme.
This development follows shareholders’ recent approval to raise up to N253.1 billion, part of First HoldCo’s plan to achieve N1 trillion in paid-up capital—twice the CBN’s N500 billion minimum requirement for banks with international operations.
