Femi Otedola First HoldCo strengthens control as the billionaire chairman acquires 680 million shares worth nearly N30 billion, boosting his stake to 20.42% amid the group’s ambitious recapitalisation drive
Billionaire businessman Femi Otedola, chairman of First HoldCo Plc, has significantly strengthened his position in the financial services group after acquiring approximately 680 million additional shares through the company’s recently concluded private placement in Lagos on Thursday, June 18, 2026.
Also read: BREAKING: Otedola acquires ₦43bn First HoldCo shares
The move increases his stake to 20.42 per cent, cementing his status as the largest shareholder and underscoring robust confidence in the institution’s future.
Documents from the placement show Otedola was allotted about 672.9 million shares valued at roughly N29.6 billion at N44 per unit, a notable discount to the closing market price of N60.50.
Together with another institutional investor, he accounted for nearly 90 per cent of the N45 billion capital raise.
A source familiar with the transaction confirmed the details.
“The private placement has been completed and Otedola acquired about 680.8 million shares, investing nearly N30 billion in the HoldCo. Another institutional investor took up most of the remaining shares,” the source said.
This latest investment builds on Otedola’s steady accumulation over the past year. In May 2026, he purchased 549.5 million shares through Calvados Global Services Limited for approximately N43.4 billion, further expanding his holdings.
The successful completion of the second tranche of First HoldCo’s ongoing N350 billion private placement programme has raised the company’s share capital to around N525.6 billion.
This comfortably exceeds the Central Bank of Nigeria’s minimum regulatory threshold and supports the injection of proceeds into First Bank of Nigeria Limited to bolster its balance sheet and fuel future growth.
Shareholders recently approved plans to raise up to N253.1 billion more as part of a bold push towards N1 trillion in paid-up capital, double the CBN’s requirement for banks with international operations.
Otedola’s consistent support reflects his vision for transforming the group into a powerhouse of African finance.
The development comes at a time when First HoldCo continues to navigate the challenging Nigerian banking landscape, marked by economic pressures and regulatory demands for stronger capitalisation.
Market observers view Otedola’s increased commitment as a powerful vote of confidence that could attract further institutional interest.
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With his total shareholding now exceeding 9.28 billion shares, the influential chairman is well positioned to guide the group through its ambitious recapitalisation journey and deliver long-term value to stakeholders.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
