Billionaire businessman Femi Otedola has acquired 672.9 million new shares in financial services group First HoldCo Plc, increasing his stake in the company to 20.4 per cent.
Mr Otedola executed the share purchase through the N45 billion second tranche of the lender’s N350 billion private placement programme, according to an allotment document cited by Nairametrics.
The private placement offer price of N44 per share puts the value of the transaction at N29.6 billion. This compares with the stock’s closing price of N61 per share on Thursday.
First HoldCo said it plans to inject the funds raised into First Bank of Nigeria Limited, its commercial banking arm, as part of its capital restoration plan and broader balance sheet strengthening programme.
The group is seeking to increase its paid-up capital to N1 trillion, having obtained shareholders’ approval at its annual general meeting held in May.
“Following the successful completion of this second tranche of the N350 billion private placement programme approved at the 13th Annual General Meeting on May 22, 2025, First HoldCo remains committed to raising the outstanding N221 billion,” the company said.
The group added that it had previously injected about N270 billion into First Bank, enabling it to meet the N500 billion minimum capital requirement for banks with international authorisation under the Central Bank of Nigeria’s recapitalisation directive.
Mr Otedola, who chairs the board of First HoldCo, has steadily increased his shareholding in the company since becoming its largest shareholder in 2021.
In May, he acquired 549.5 million shares valued at about N43.4 billion through Calvados Global Services Limited, his special purpose acquisition vehicle.
Last December, he purchased 370 million shares of First HoldCo at N40.1 per share in a transaction worth N14.8 billion.
Earlier in September 2025, he acquired 64.9 million shares valued at N2 billion, comprising 39.3 million units purchased in his name and 25.6 million units acquired through Calvados Global Services.
Mr Otedola’s former closest rivals in the ownership structure of First HoldCo, Oba Otudeko and Oye Hassan-Odukale, sold off their stakes in the group last July.
Mr Otedola became chairman of First HoldCo in January 2024. In December 2025, he divested his holding in Geregu Power in a deal valued at $750 million.
Last month, he also disclosed plans to invest $100 million in Dangote Petroleum Refinery through a private placement.
