Otedola Acquires 680 Million First Holdco Shares at N44.06 in Private Placement, Boosting Stake to 20.42%

Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has acquired approximately 680 million shares in the company through its recently concluded private placement, giving him a 20.42% stake in the financial institution and strengthening his position as the largest shareholder.

According to a private placement allotment document, Otedola was allotted 672.9 million shares valued at approximately N29.6 billion. Investors in the private placement subscribed at N44.06 per share, representing a significant discount to First HoldCo’s closing market price of N60.50 per share.

The stock has traded between a low of about N49 and a high of N83 so far this year.

“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,” the source said.

The funds raised have increased the bank’s share capital to approximately N525.6 billion, placing it comfortably above the minimum regulatory capital requirement.

First Holdco earlier confirmed the completion of the private placement via a press release: “First HoldCo Plc (‘FirstHoldCo’ or ‘the Group’) hereby notifies the Nigerian Exchange Limited (NGX), its shareholders, and the investing public that it has successfully completed the N45 billion second tranche of its ongoing N350 billion Private Placement programme, having secured all requisite approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC),” the company stated in a filing.

The company also disclosed that the proceeds from the capital raise will be injected into First Bank of Nigeria Limited as part of its capital restoration plan and broader balance sheet strengthening programme.

Billionaire Otedola’s Recent FirstHoldCo Buys

DECEMBER 18, 2026

The Chairman of First HoldCo Plc, Femi Otedola, acquired ₦14.8 billion worth of additional shares marking a significant consolidation of power in Nigeria’s oldest financial institution.

Disclosed on December 18, 2025, the transaction saw Otedola purchase 369,986,122 shares at a unit price of ₦40.06.

MAY 13, 2026

Femi Otedola, chairman of First HoldCo Plc, acquired 549.53 million new shares worth ₦43.4 billion at ₦79 each through Calvados Global Services Ltd. on May 13, signaling strong backing for the group’s aggressive expansion plans.

The purchase dominated trading with 575 million First HoldCo shares — valued at ₦44.4 billion — accounting for nearly half the market’s turnover.