Billionaire investor and businessman Femi Otedola has increased his ownership in First HoldCo Plc to 20.42% after acquiring approximately 672.9 million new shares valued at N29.6 billion, reinforcing his position as the largest individual shareholder in the financial institution.
The transaction was executed through the second tranche of First HoldCo’s N350 billion capital-raising programme, specifically under a N45 billion private placement aimed at strengthening the group’s balance sheet and supporting future growth initiatives.
The shares were allotted at N44 each, representing a notable discount to the company’s market closing price of N61 at the time of the transaction. Such discounted placements are commonly used by listed companies seeking to attract strategic investors while accelerating capital mobilisation.
The latest acquisition further consolidates Otedola’s influence within First HoldCo, the parent company of First Bank of Nigeria Limited, one of Nigeria’s oldest and largest financial institutions. Market participants view the move as a strong vote of confidence in the group’s long-term strategy, particularly as Nigerian banks pursue fresh capital to meet evolving regulatory requirements and finance expansion plans.
The investment comes at a pivotal moment for Nigeria’s banking industry. Financial institutions are raising capital to strengthen their capital adequacy ratios, improve resilience against economic shocks, and position themselves for larger lending opportunities across key sectors of the economy.
Analysts note that Otedola’s increased commitment could provide additional stability to First HoldCo’s shareholder base while signalling confidence in the bank’s earnings outlook. Strategic investors often play an important role in corporate governance, capital allocation decisions, and long-term business transformation programmes.
The transaction also highlights growing investor interest in Nigeria’s financial services sector despite broader macroeconomic challenges. Banking stocks have attracted attention from institutional and high-net-worth investors seeking exposure to companies expected to benefit from economic reforms, improved interest-rate margins, and increased financial intermediation.
For First HoldCo, the successful completion of another phase of its capital-raising programme strengthens its ability to pursue digital banking initiatives, expand lending activities, and enhance operational efficiency. The fresh capital is expected to support the group’s broader ambitions while improving its competitive position within Nigeria’s increasingly dynamic banking landscape.
With a stake now exceeding 20%, Otedola has further deepened his strategic commitment to First HoldCo, a move likely to be closely watched by investors assessing the future direction of one of Nigeria’s most prominent banking groups.
