Otedola spends N29.6bn on additional First HoldCo shares
By Aboki Forex —
Femi Otedola has acquired 680.8 million additional shares in First HoldCo Plc through a private placement. The deal cost about N29.6 billion.
The shares were priced at N44 each. That is below the market closing price of N61 on June 17, 2026. The move strengthens Otedola’s position as a major shareholder in the company.
Nearly 90 percent of the shares sold in the private placement went to Otedola and an institutional investor. The total offer size was around N45 billion.
A source familiar with the deal said Otedola bought roughly 680.8 million shares at about N30 billion. An institutional investor who is already a shareholder bought most of the rest.
With this purchase, First HoldCo’s total share capital has risen to about N525.6 billion. That is above the Central Bank of Nigeria’s N500 billion minimum capital requirement for banks. The capital is meant to shore up its subsidiary, First Bank of Nigeria.
The private placement is part of a larger capital raising exercise. In May, Otedola became the largest shareholder with about 549.53 million shares worth N43.41 billion through his investment vehicle, Calvados Global Services Limited. He now holds roughly 9.29 billion shares in the company.