Billionaire tycoon Femi Otedola has significantly increased his shareholding in First HoldCo Plc, acquiring 672.9 million new shares. This latest acquisition brings his total interest in the financial services group to 20.4 per cent.
The share purchase was executed as part of the second tranche of First HoldCo's N350 billion private placement program. The value of this specific transaction amounts to N29.6 billion, with the shares being acquired at N44 per unit. This price represents a notable discount compared to the stock's closing market price of N61 per share on Thursday.
First HoldCo intends to inject the capital raised from this private placement into its commercial banking division, First Bank of Nigeria Limited. This move is a key component of the bank's capital restoration plan and its broader strategy to strengthen its balance sheet.
The group has set a target to scale its paid-up capital to N1 trillion, a goal that received shareholder approval at its annual general meeting on May 22, 2025. The N45 billion second tranche of the private placement has now been completed, with First HoldCo committed to raising the remaining N221 billion.
Previously, First HoldCo had injected approximately N270 billion into First Bank, enabling it to meet the Central Bank of Nigeria's (CBN) minimum capital requirement of N500 billion for banks with international authorization ahead of the March 31, 2026 deadline.
Femi Otedola, who also chairs the board of directors at First HoldCo, has been consistently increasing his stake in the banking group since becoming its top shareholder in 2021. His recent acquisitions include 549.5 million shares at N79 per unit in May 2026, valued at approximately N43.4 billion, and 370 million shares at N40.1 each in December 2025, worth N14.8 billion.
The private placement saw investors subscribe at N44 per share, a discount to the market price of N60.50 per share on Thursday. The funds raised are expected to bolster First Bank's capital adequacy and support its long-term growth objectives.
