AfriPulse
September 25, (THEWILL) — Femi Otedola, Chairman and key stakeholder in First HoldCo Plc, has expanded his stake in the company with the acquisition of an additional 64,878,668 shares, valued at N2.01 billion.
FBN Holdings disclosed the transaction in two separate filings to the Nigerian Exchange Limited (NGX), in line with post-listing requirements.
According to the filings, signed by Company Secretary, Adewale L. O. Arogundade, Otedola acquired 39,313,379 shares at N31 per unit, worth N1.22 billion, on September 23, 2025.
On the same day, he purchased an additional 25,565,289 shares through Calvados Global Services Limited, valued at N792.52 million.
Following the acquisitions, Otedola’s direct shareholding rose to 3,251,346,245 units (7.76%), while his indirect holdings now stand at 3,491,125,586 units (8.34%).
This brings his total stake in First HoldCo to 16.1 percent, up from 13.15 percent in September 2024.
The development comes as the company edges closer to meeting the N500 billion minimum capital base prescribed by the Central Bank of Nigeria (CBN) for banks with international licences, a target to be achieved by March 31, 2026.
At its 13th Annual General Meeting (AGM) held in Lagos in May 2025, First HoldCo approved a dividend of 60 kobo per 50 kobo ordinary share, amounting to N25.13 billion, a sharp rise from the N14.36 billion distributed in 2023.
Speaking at the AGM, Otedola assured shareholders that once the recapitalisation target is achieved, the company will prioritise enhanced dividend payouts, stressing that First HoldCo is on track to meet the CBN deadline.
Author Profile
Sam Diala, THEWILL
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
Source: TheWillNigeria | Read the Full Story…
