Prime Business Africa
Femi Otedola, the chairman of First HoldCo, has increased his stake in the parent company of First Bank to 20.42 percent after acquiring N29.6 billion worth of shares through a private placement.
Otedola participated in a N45 billion private placement programme conducted by the financial institution, as part of a larger N350 billion capital raising programme to achieve a N1 trillion capital base.
The businessman bought 680 million shares at a discounted price of N44 per share, as a share of First HoldCo traded at N61 in the Nigerian stock market as of Thursday.
Join our WhatsApp ChannelAfter the acquisition, Otedola’s shares in First HoldCo increased to 9.28 billion shares, representing 20.42 percent controlling stake, from 8.60 billion shares, representing 19.35 percent.
According to a source, the remaining N15.4 billion shares from the N45 billion private placement programme was acquired by an institutional investor.
“The private placement has been completed and Mr. Otedola acquired about 680.8 million shares investing about N30 billion in the bank (Holdco). Another institutional investor who is a shareholder acquired most of the rest,” a source said.
The acquisition helped First HoldCo meet the N500 billion minimum regulatory capital requirement set by the Central Bank of Nigeria (CBN), as the financial institution’s capital base increased to N525.6 billion.
This is Otedola’s second acquisition in 2026 after acquiring 549.53 million shares of First HoldCo through Calvados Global Services Limited, his investment vehicle, for N43.41 billion, in May.
In 2025, the billionaire increased his stake in First HoldCo to 18.12 percent or 8.05 billion shares, from 11.8 percent or 4.23 billion shares held at the end of 2024.
The recent acquisition has increased Otedola’s investment in First HoldCo to N566.43 billion.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
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