Femi Otedola, Chairman of First HoldCo Plc, has increased his shareholding in Nigeria's most valuable banking stock to 20.42% after acquiring an additional 680.8 million shares through a private placement. The purchase, completed at N44 per share—below the company's July 18 closing price of N61—has lifted the market value of his stake to approximately N1.05 trillion. Total spending on the new shares amounted to about N30 billion, with Otedola and one other institutional investor together taking up roughly 90% of the N45 billion placement.
Private Placement Details
A market source familiar with the deal confirmed: "The private placement has been completed, and Mr Otedola acquired about 680.8 million shares, investing about N30 billion in the HoldCo. Another institutional investor who is already a shareholder acquired most of the remaining shares." The private placement also increased First HoldCo's share capital to N525.6 billion, meeting the Central Bank of Nigeria's N500 billion minimum capital requirement for banks with international licences.
Otedola's Growing Stake Over 12 Months
The billionaire's position in First HoldCo has expanded sharply over the past year. At the end of June 2025, he held 6.68 billion shares, representing 15.95% of the company, when the stock traded at N26. By March 2026, his holding had grown to 8.06 billion shares (18.12%), with the share price at N50. At the end of June 2026, his stake stood at 9.28 billion shares (20.40%) before the latest placement added 680.8 million shares. With his estimated post-acquisition holding of 9.96 billion shares and an intraday price of N105.50 on Monday, the total value of his investment is approximately N1.05 trillion, placing it among the largest individual equity positions on the Nigerian Exchange.
Strong Earnings Drive Share Price Rally
First HoldCo's stock surge has been underpinned by a robust financial performance in the first half of 2026. The group reported a pre-tax profit of N653.54 billion for the period, an 83.5% increase from N356.15 billion in the same period of 2025. Profit after tax rose 81.57% to N526.13 billion, while second-quarter pre-tax profit nearly doubled to N332.42 billion. These results propelled the share price up 10% in intraday trading to N105.50, and the company's market capitalisation surged to about N4.8 trillion, making it the highest-valued banking stock on the exchange.
Otedola's London Mansion Purchase
In related news, Legit.ng earlier reported that Femi Otedola added a N98 billion (£53 million) mansion to his international real estate portfolio. According to UK property filings, Otedola is the new owner of a lavish 10-bedroom property in London's St John's Wood district, purchased in late 2025. The house, located a short distance from Regent's Park, is in one of London's most elite residential addresses.
