Femi Otedola, Chairman of First HoldCo Plc, increased his ownership in the financial services group to 20.42%. He acquired approximately 680 million shares through a recent N45 billion private placement.
The acquisition is valued at approximately N29.6 billion. This transaction represents the second tranche of a larger N350 billion private placement program.
The deal solidifies Otedola’s position as the single largest shareholder.
First HoldCo will inject the raised capital into its subsidiary, First Bank of Nigeria. The funds will strengthen the bank's capital base to meet regulatory requirements and support strategic growth.