Femi Otedola Expands Stake in First Hold Company
Billionaire Femi Otedola has increased his investment in First Hold Company by acquiring 672.9 million new shares, bringing his total ownership to 20.4%. The purchase took place as part of the second tranche of a N45 billion fundraising effort under the group’s N350 billion private placement program, as reported by Nairametrics.
Details of the Share Purchase
The shares were purchased at a price of 44 Naira each, resulting in a transaction value of approximately 29.6 billion Naira. This is notably lower than the closing price of 61 Naira per share on the previous trading day.
Strategic Use of Raised Funds
First Hold Company plans to allocate the proceeds from this private placement to bolster its commercial banking arm, First Bank of Nigeria Limited. This move is part of its strategy for capital recovery and overall enhancement of its balance sheet, as detailed in a statement released earlier this week.
Increase in Capitalization
The financial group is currently working to raise its paid-up capital to N1 trillion, a plan that received shareholder endorsement at its most recent annual general meeting in May. Following the successful execution of this funding initiative, First Hold Company aims to raise an additional N221 billion to complete the targeted amount.
Otedola’s Continuing Influence
Since becoming the largest shareholder in 2021, Otedola has consistently increased his stake in the banking group. In May, he acquired 549.5 million shares at N79 each, totaling around N43.4 billion, as revealed in regulatory filings with the Nigerian Exchange. His shares were acquired through a special purpose vehicle, Calvados Global Services Limited.
Recent Share Acquisition Transactions
Otedola’s recent activities also include the purchase of 370 million shares last December at a price of 40.1 Naira per share, valued at 14.8 billion Naira. Earlier this month, he further expanded his holdings by acquiring 64.9 million shares for N2 billion, with a significant portion obtained through Calvados Global Services.
Market Dynamics and Leadership Changes
Notably, Otedola’s rise to prominence in First Hold Company has come amid the sale of stakes by former competitors Oba Otudeko and Oye Hassan Odukare, who divested their holdings in July of last year. Otedola took over as Chairman of the Board in January 2024, following a successful background in the oil sector as a major shareholder in African Petroleum, now known as Aldoba. In December 2025, he also divested from Lagos-listed Gereg Power in a deal worth $750 million and announced intentions to invest $100 million in the Dangote oil refinery.
