Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has strengthened his grip on the financial services group after acquiring approximately 680 million additional shares through the company’s recently concluded private placement, increasing his stake to 20.42 per cent.
Documents relating to the private placement obtained by Nairametrics show that Otedola was allotted about 672.9 million shares valued at roughly N29.6 billion, further consolidating his position as the largest shareholder in the company.
The shares were issued at N44 per unit, a discount to First HoldCo’s market price, which closed at N60.50 during the placement period. The stock has traded between N49 and N83 this year, making the offer attractive to participating investors.
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Industry sources indicated that Otedola, alongside another institutional shareholder, accounted for nearly 90 per cent of the N45 billion capital raise, underscoring strong investor confidence in the group’s long-term prospects.
“The private placement has been
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