Nigerian billionaire Femi Otedola has tightened his grip on First HoldCo Plc, raising his ownership to more than 20 percent following the group’s N45 billion private placement.
A BusinessDay analysis of First HoldCo’s latest shareholding disclosures and Nigerian Exchange (NGX) market data shows that Otedola’s combined direct and indirect interest in the banking group climbed to 9.29 billion shares, representing 20.42 percent, after participating in the company’s recently concluded N45 billion private placement, the second phase of its N350 billion recapitalisation programme.
The increase underscores Otedola’s long-term bet on the parent company of FirstBank, Nigeria’s oldest lender, at a time when investors are increasingly rewarding recapitalised banks expected to benefit from stronger balance sheets and higher lending capacity.
The market has responded aggressively. First HoldCo’s shares climbed to a record N105.50 on the Nigerian Exchange on Monday, trading at full bid with nearly 78 million shares on the bid side
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