Femi Otedola has raised his First HoldCo stake to 20.42% after a N45 billion ($32.8m) placement, deepening his grip on Nigeria's oldest bank.
Femi Otedola raised his stake in First HoldCo, First Bank of Nigeria's parent, to 20.42% through a $32.8M private placement of 680 million shares. The acquisition tightens his control over the country's oldest lender amid central bank capital pressure—a consolidation play reshaping the sector.
NIGERIA · BANKING
Key Facts
—The move: Femi Otedola has raised his stake in First HoldCo to 20.42 percent after acquiring about 680 million shares in the latest private placement.
—The raise: The placement’s second tranche brought in 45 billion naira, about $32.8 million, at 44.06 naira per share.
—The programme: It is part of a wider private placement of up to 350 billion naira, roughly $255 million, approved by shareholders.
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