Lagos, June 19, 2026 – Femi Otedola, the Chairman of First Bank Group (FirstHoldCo), has acquired additional 672.9 million shares in the group, bringing its total stake in the company to 20.4 per cent.
The additional shares valued at N29.6 billion, were acquired through the group’s N350 billion private placement held on Thursday.
According to a statement by the group, the bulk of proceeds from the private placement is to be ploughed into the First Bank of Nigeria as part of its capital restoration plan and broader balance sheet strengthening programme.
The group had previously injected N270 billion into the bank to help it meet the new capital requirement of the Central Bank of Nigeria.
“Following the successful completion of this second tranche of the N350 billion Private Placement programme approved at the 13th Annual General Meeting (AGM) on May 22, 2025, FirstHoldCo remains committed to raise the outstanding N221 billion,” the group said.
