Femi Otedola buys N29.6 billion shares in First HoldCo, increasing his stake

Billionaire Femi Otedola has bought 672.9 million new shares in First HoldCo Plc. This raises his ownership in the financial services group to 20.4 percent.

Otedola made the share purchase through the N45 billion second part of the lender’s N350 billion private placement plan, according to Nairametrics on Thursday.

The private placement price was set at N44 per share, making the total value of the deal N29.6 billion. This is lower than the stock's closing price of N61 per share on Thursday.

First HoldCo aims to use the funds from this deal to support First Bank of Nigeria Limited, its banking division. This is part of a plan to restore its capital and strengthen its financial position, the company said in a statement on Wednesday.

The group wants to raise its paid-up capital to N1 trillion. Shareholders agreed to this goal at the last annual general meeting in May.

"After finishing this second part of the N350 billion Private Placement program approved at the 13th Annual General Meeting on May 22, 2025, First HoldCo is still committed to raising the remaining N221 billion," First HoldCo said.

The group had already put in about N270 billion into First Bank to help meet the N500 billion capital requirement for banks with international licenses. This is part of the Central Bank of Nigeria’s recapitalisation plan before the 31 March 2026 deadline.

Otedola, who is the chair of First HoldCo’s board, has been increasing his shares in the group since he became its largest shareholder in 2021.

In May, he bought 549.5 million shares at N79 each, making the deal worth about N43.4 billion, based on a regulatory filing at the Nigerian Exchange. He made this purchase through Calvados Global Services Limited, a company he set up for this purpose.

Last December, he bought 370 million shares at N40.1 each, which was worth N14.8 billion.

Earlier in September 2025, he acquired 64.9 million shares valued at N2 billion in First HoldCo. This included 39.3 million shares worth N1.2 billion in his name and 25.6 million shares worth N792.5 million through Calvados Global Services.

Otedola’s closest competitors in owning shares of First HoldCo, Oba Otudeko and Oye Hassan-Odukale, sold their stakes last July.

Around 10.4 billion shares, nearly 25 percent of the group’s total ordinary shares, were traded off-market in 17 transactions on a single day, a trader told PREMIUM TIMES at that time.

Mr Otudeko runs Barbican Capital Limited, and Mr Odukale is the CEO of Leadway Assurance Company Limited.

Otedola became chair of First HoldCo’s board in January 2024. Before he entered banking, he was the majority owner of African Petroleum, which later became Forte Oil and is now called Ardova Plc.

In December 2025, Otedola sold his shares in Geregu Power, which was valued at $750 million. Last month, he announced plans to invest $100 million in Dangote Petroleum Refinery through private placement.