Group Chairman, First HoldCo, Femi Otedola, has become the company’s single largest majority shareholder after acquiring about 680 million shares of the group, representing a 20.42 per cent stake.

According to a private placement allotment from the group, Otedola was allotted about 672.9 million shares valued at approximately N29.6 billion at N44 per share.

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The latest acquisition further cements his position as the single largest shareholder in First HoldCo Plc.

Investors who participated in the private placement subscribed at N44 per share, representing a substantial discount compared to First HoldCo’s closing market price of N60.50 per share.

The company’s stock has experienced notable movement this year, trading between a low of approximately N49 and a high of N83, reflecting strong investor interest and market confidence.

The increase in Otedola’s First HoldCo stake highlights the billionaire investor’s confidence in the future prospects of the company.

Since taking on a more influential role within the financial institution, Otedola has consistently demonstrated his commitment to supporting the company’s growth and long-term strategy.

Reports also indicate that another tranche of the private placement may be launched in the near future.

Oracle Intelligence recalls that First HoldCo had, last week, completed a fresh N45bn private placement at N44.06/share to strengthen First Bank operations

First HoldCo Plc announced successful completion of the N45 billion second tranche of its ongoing N350 billion private placement programme.

The group disclosed that the fresh capital raise will be injected into First Bank of Nigeria Limited, the group’s flagship subsidiary, as part of its capital restoration initiative and broader efforts to strengthen the balance sheet.

FirstHoldCo stated that it had previously obtained all necessary approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for the capital raise.

The latest injection is expected to improve the First Bank’s financial resilience, increase lending capacity, and reinforce its ability to maintain regulatory compliance and long-term competitiveness.

Prior to this tranche, First HoldCo had already injected about N270 billion into the First Bank, demonstrating steady progress toward meeting the CBN’s N500 billion minimum capital requirement ahead of the March 31, 2026 deadline.

The additional funds are also expected to support First Bank’s strategic growth plans by enhancing its capacity to expand quality lending, strengthen digital and transaction banking services, deepen customer acquisition, and capture opportunities across corporate, commercial, retail, and cross-border banking segments while maintaining prudent capital management.

Following the second tranche of the private placement approved at the group’s 13th Annual General Meeting held on May 22, 2025, First HoldCo said it remains focused on raising the outstanding N221 billion.

The company added that shareholders also approved a plan at its 14th AGM on May 29, 2026, to increase its paid-up share capital to N1 trillion.