Otedola raises stake in First HoldCo to 20.42% after N30bn share acquisition

Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has strengthened his grip on the financial services group after acquiring approximately 680 million additional shares through the company’s recently concluded private placement, increasing his stake to 20.42 per cent.

Documents relating to the private placement obtained by Nairametrics show that Otedola was allotted about 672.9 million shares valued at roughly N29.6 billion, further consolidating his position as the largest shareholder in the company.

The shares were issued at N44 per unit, a discount to First HoldCo’s market price, which closed at N60.50 during the placement period. The stock has traded between N49 and N83 this year, making the offer attractive to participating investors.

Industry sources indicated that Otedola, alongside another institutional shareholder, accounted for nearly 90 per cent of the N45 billion capital raise, underscoring strong investor confidence in the group’s long-term prospects.

“The private placement has been completed and Otedola acquired about 680.8 million shares, investing nearly N30 billion in the HoldCo. Another institutional investor took up most of the remaining shares,” a source familiar with the transaction disclosed.

The successful completion of the private placement has increased First HoldCo’s share capital to approximately N525.6 billion, placing the institution comfortably above 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, noting that all necessary approvals had been secured from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

According to the company, proceeds from the capital raise will be injected into First Bank of Nigeria Limited as part of ongoing efforts to strengthen the bank’s capital base, improve balance sheet resilience and support future growth.

Otedola’s latest investment marks another milestone in his steady accumulation of shares in the financial institution over the past year. Prior to the private placement, he acquired 549.5 million shares through Calvados Global Services Limited in a transaction executed on the Nigerian Exchange in May 2026. The deal, valued at approximately N43.4 billion, increased his holdings significantly.

With the latest allotment, Otedola’s total shareholding is estimated at more than 9.28 billion shares, reinforcing his influence within the group at a time when the institution is pursuing an ambitious recapitalisation programme.

The development comes shortly after shareholders approved plans to raise up to N253.1 billion as part of First HoldCo’s drive to achieve N1 trillion in paid-up capital—double the CBN’s N500 billion minimum requirement for banks with international operations.