Billionaire investor and First HoldCo Plc chairman Femi Otedola has scooped up roughly 680 million shares in a just-completed private placement, lifting his stake in the group to about 20.42%.
A private placement allotment document seen by Nairametrics shows Otedola was allotted 672.9 million shares worth roughly N29.6 billion. Investors in the round paid N44 a share — a noticeable discount to First HoldCo’s close of N60.50. The stock has traded between about N49 and N83 so far this year.
Nairametrics says another tranche may be offered close to the N44 price paid by this group. And insiders say Mr. Otedola and another institutional shareholder took about 90% of the N45 billion private placement.
“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 raise has pushed the bank’s share capital to roughly N525.6 billion, putting it above minimum regulatory capital. First HoldCo confirmed the deal in 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.
Proceeds will be injected into First Bank as part of its capital restoration plan. Otedola has been building his stake — a May 13, 2026 purchase via Calvados Global added 549,535,653 shares at an average N79 (about N43.41 billion). His total is now estimated at 9,285,739,834 shares. First HoldCo closed at N61.00, up 0.83%, with 115.8 million shares traded (market value ~N7 billion).
