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.
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.
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Iheanyi Nwachukwu
Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos.
Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).
Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.
