By Kolawole Omotola Olaide
Billionaire businessman and Chairman of Femi Otedola has further strengthened his influence in First HoldCo after purchasing an additional 680.8 million shares valued at approximately N29.6 billion.
The latest acquisition, executed through a private placement exercise, has increased Otedola’s stake in the financial services group to 20.42 percent, consolidating his position as the company’s largest shareholder.
Sources familiar with the transaction disclosed that the shares were acquired at N44 per unit, significantly below the company’s market closing price of N61 per share on Thursday. The private placement reportedly raised about N45 billion, with Otedola and another institutional investor accounting for nearly 90 percent of the total subscription.
With the fresh investment, Otedola’s total holdings in First HoldCo have risen to roughly 9.29 billion shares, underscoring his growing commitment to the company’s long-term growth strategy.
The successful capital raise has also boosted First HoldCo’s share capital to N525.6 billion, enabling the institution to exceed the minimum N500 billion capital requirement set by the Central Bank of Nigeria for banks operating internationally.
The development comes as First HoldCo intensifies efforts to strengthen its financial position and support the recapitalisation of its flagship banking subsidiary, First Bank of Nigeria.
Industry observers note that the capital injection forms part of the group’s broader strategy to reinforce its balance sheet and meet evolving regulatory standards within Nigeria’s banking sector.
Otedola has consistently expanded his investment in the company over the past year. In May, he acquired 549.53 million shares worth over N43 billion through Calvados Global Services Limited, further increasing his influence within the institution.
The latest transaction aligns with First HoldCo’s ambition to build a N1 trillion capital base. During its 14th Annual General Meeting, shareholders approved plans to raise up to N253.09 billion through a combination of public offerings, private placements, rights issues, bonus issues, scrip dividends and other equity instruments across local and international markets.
Financial analysts believe the continued capital mobilisation will position First HoldCo to compete more effectively within Nigeria’s evolving banking landscape while supporting future expansion plans.
