Otedola grows First HoldCo stake to 20.42% via private placement
Billionaire investor acquires 672.9 million shares at N44 each, deepening his hold as the company's largest shareholder
Billionaire investor Femi Otedola has further consolidated his grip on First HoldCo Plc, the parent company of First Bank of Nigeria, after acquiring approximately 680 million additional shares through the group’s recently concluded private placement, lifting his ownership stake to 20.42% and reinforcing his standing as the company’s single largest shareholder.
According to the allotment document, Otedola was formally allotted 672.9 million shares valued at approximately N29.6 billion. The shares were subscribed at N44 per share, a price that represented a substantial discount to First HoldCo’s market price of N60.50 at the time of the transaction, a discount typically deployed during capital-raising exercises to attract anchor investors.
The deal underscores Otedola’s sustained strategic interest in First HoldCo, a financial services holding group with interests spanning banking, insurance, and asset management. His increased stake cements a position he has been building steadily, and market watchers say the transaction signals continued confidence in the long-term value of the group.
First HoldCo shares have traded within a range of roughly N49 to N83 on the Nigerian Exchange so far in 2026, reflecting broader investor appetite for banking-sector stocks amid an environment of elevated interest rates and expanding credit markets.
The private placement, which allows a company to raise capital by selling shares directly to selected investors rather than through a public offer, attracted subscriptions at N44 per unit. The arrangement gave participating investors, including Otedola, entry at a meaningful discount to prevailing market levels.
Further capital activity may be on the horizon. Reports indicate that First HoldCo is considering a second tranche of the private placement, which could be offered at a price close to N44 per share, suggesting the group may look to deepen its capital base and potentially bring in additional strategic investors alongside its billionaire chairman.
