According to a private placement allotment document obtained by Nairametrics, Otedola was allotted about 672.9 million shares valued at approximately N29.6 billion.
The latest acquisition further cements his position as the single largest shareholder in First HoldCo Plc. The investment comes at a time when the company continues to attract strong market interest from investors seeking opportunities in Nigeria’s financial services sector.
Investors who participated in the private placement subscribed at N44 per share, representing a substantial discount compared to First HoldCo’s closing market price of N60.50 per share.
The company’s stock has experienced notable movement this year, trading between a low of approximately N49 and a high of N83, reflecting strong investor interest and market confidence.
The increase in the Femi Otedola First HoldCo stake highlights the billionaire investor’s confidence in the future prospects of the company.
Industry analysts believe the move could further strengthen investor confidence and reinforce First HoldCo’s position in Nigeria’s competitive banking industry.
Since taking on a more influential role within the financial institution, Otedola has consistently demonstrated his commitment to supporting the company’s growth and long-term strategy.
His latest acquisition is being viewed as another significant vote of confidence in the group’s future. Reports also indicate that another tranche of the private placement may be launched in the near future.
Sources familiar with the matter suggest that the upcoming offering could be priced close to the N44 per share paid by investors in the completed round.
Should the additional fundraising exercise proceed, it could further strengthen the company’s capital base and provide additional resources for expansion and strategic investments.
Disclaimer: Comments and opinions on any part of this website are the opinions of blog commenters or anonymous individuals, and do not reflect Strenuous Blog position.