First Bank Chairman, Femi Otedola, has increased his stake in the bank to 20.42% following the acquisition of approximately 680 million shares through the company’s recently completed private placement.
According to details from the allotment exercise, Otedola was allocated about 672.9 million shares valued at roughly N29.6 billion. The placement was priced at N44 per share, representing a discount to First HoldCo’s market price, which closed at N60.50 before the transaction.
The capital raising exercise has increased the group’s share capital to approximately N525.6 billion, placing it above the Central Bank of Nigeria’s minimum regulatory capital requirement.
In a regulatory filing, First HoldCo confirmed the successful completion of the N45 billion second tranche of its ongoing N350 billion private placement programme after securing approvals from the Central Bank of Nigeria and the Securities and Exchange Commission
Otedola has steadily expanded his ownership in First HoldCo through a series of strategic acquisitions over the past year.
His most significant purchase before the private placement occurred on May 13, 2026, when he acquired 549.5 million shares through Calvados Global Services Limited at an average price of N79 per share. The transaction was valued at approximately N43.4 billion.
Following that acquisition, his shareholding increased to 8.6 billion shares. With the latest allotment, his total holding is estimated at 9.29 billion shares, giving him a 20.42% stake in the group.
