Nigeria’s billionaire businessman, Femi Otedola, who is the chairman of First HoldCo Plc has raised his controlling stake in the company to 20.42 percent.
In deal worth N29.6billion, he acquired 680 million shares in First HoldCo, raising his controlling stake to 20.42 percent.
He acquired the shares at N44 per share through a private placement, a price below July 18 closing share price of N61. Related News FG disburses N13bn interest-free loans to 7,450 tertiary institution workers After gunmen attack, Tinubu orders security reinforcement to NIPSS, Kuru Ex INEC chairman, Mahmood Yakubu assume office as Nigeria’s ambassador to Qatar
Otedola and another institutional shareholder acquired 90 percent of the N45 billion shares First HoldCo Plc offered to investors through the private placement, according to market source who noted that: “The private placement has been completed and Mr. Otedola acquired about 680.8 million shares investing about N30 billion in the bank (Holdco). Another institutional investor who is a shareholder acquired most of the rest”.
First HoldCo’s share capital has now increased to N525.6 billion, which is above the CBN minimum regulatory capital requirement of N500 billion.
