Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has further strengthened his influence within the financial services group after acquiring approximately 680 million additional shares through the company’s recently concluded private placement, increasing his ownership stake to 20.42 per cent.
Documents related to the transaction indicate that Otedola was allotted about 672.9 million shares valued at approximately N29.6 billion, reinforcing his position as the largest shareholder of the holding company.
The shares were issued at N44 per share, representing a significant discount to First HoldCo’s market price, which closed at N60.50 during the placement period. The stock has traded between N49 and N83 so far this year, making the offer particularly attractive to participating investors.
Industry sources familiar with the transaction disclosed that Otedola, alongside another major institutional investor, accounted for nearly 90 per cent of the N45 billion raised in the second tranche of the company’s private placement programme.
“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 close to the deal said.
The latest capital injection has significantly increased First HoldCo’s share capital to about N525.6 billion, placing the institution comfortably above the Central Bank of Nigeria’s minimum capital requirement for banks operating within the country’s financial system.
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In a filing submitted to the Nigerian Exchange Limited (NGX), First HoldCo confirmed the successful completion of the N45 billion second tranche of its ongoing N350 billion private placement programme.
The company stated that all necessary regulatory approvals had been secured from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), paving the way for the completion of the transaction.
According to the filing, proceeds from the fundraising exercise will be injected into First Bank of Nigeria Limited to strengthen the bank’s capital base, enhance balance sheet resilience and position the institution for future growth opportunities.
Otedola’s latest acquisition represents another significant milestone in his steady accumulation of shares in the financial institution over the past year.
Prior to the private placement, the businessman had increased his stake through Calvados Global Services Limited by acquiring 549.5 million shares in a transaction executed on the Nigerian Exchange in May 2026. The deal, valued at approximately N43.4 billion, substantially boosted his holdings in the group.
With the latest allotment, Otedola’s total shareholding is estimated to have risen to more than 9.28 billion shares, giving him greater influence over the strategic direction of the institution as it pursues an ambitious recapitalisation programme.
The development comes at a critical period for First HoldCo, which is intensifying efforts to strengthen its financial position in response to evolving regulatory requirements within the banking sector.
Recently, shareholders approved plans for the company to raise up to N253.1 billion as part of a broader strategy to achieve N1 trillion in paid-up capital. The target is double the Central Bank of Nigeria’s N500 billion minimum capital requirement for banks with international operations.
Analysts say Otedola’s increased investment reflects strong confidence in First HoldCo’s growth prospects and recapitalisation strategy, while also signaling continued commitment by major investors to support the institution’s long-term transformation agenda.
The successful completion of the private placement further enhances First HoldCo’s capacity to meet regulatory obligations, expand lending operations and strengthen its competitive position within Nigeria’s banking industry.