According to Nairametrics, Otedola was allotted 672.9 million shares via private placement valued at approximately N29.6 billion. The acquisition strengthens his position as the largest shareholder in the financial services group.
Investors in the private placement subscribed at N44 per share, representing a significant discount to First HoldCo’s closing market price of N60.50 per share. The stock has traded between a low of about N49 and a high of N83 so far.
The Nairametrics report reveals thatOtedola and another institutional shareholder acquired about 90% of the N45 billion private placement.
“The private placement has been completed and Mr. Otedola acquired about 680.8 million shares investing about N30 billion in the bank (Holdco). Another institutional investor who is a shareholder acquired most of the rest,” the newspaper quoted a source.
The funds raised have increased the bank’s share capital to approximately N525.6 billion, placing it comfortably above the minimum regulatory capital requirement.
Recall that First Holdco confirmed the completion of the private placement via a press release.
“First HoldCo Plc (“FirstHoldCo” or “the Group”) hereby notifies the Nigerian Exchange Limited (NGX), its shareholders, and the investing public that it has successfully completed the N45 billion second tranche of its ongoing N350 billion Private Placement programme, having secured all requisite approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC),” the company stated in a filing.
The company also disclosed that the proceeds from the capital raise will be injected into First Bank of Nigeria Limited as part of its capital restoration plan and broader balance sheet strengthening programme.
Otedola has steadily increased his ownership stake in First Holdco over the past year through a series of strategic share acquisitions.
His most recent acquisition before the private placement was executed on the Nigerian Exchange on May 13, 2026, through Calvados Global Services Limited.
The transaction involved the purchase of 549,535,653 shares at an average price of N79 per share. The acquisition was valued at approximately N43.41 billion.
Otedola’s stake increased from 8,055,314,486 shares reported in the company’s FY 2025 audited accounts to 8,604,850,139 shares following the purchase.
Following the latest private placement allotment, his total shareholding is estimated at 9,285,739,834 shares.