First HoldCo Plc has raised N83.7 billion from a private placement, following the issuance of 2.58 billion ordinary shares at N32.50 per share. This is according to a market disclosure filed with the Nigerian Exchange (NGX).
The newly issued shares were listed on the NGX on January 5, increasing the group’s issued share capital from 41.88 billion shares to 44.45 billion shares.
Based on the enlarged share base, the private placement accounts for about 5.79 percent ownership of the group. However, the identity of the investor or investors behind the transaction was not disclosed in the NGX filing.
Following the listing, First HoldCo’s confirmed paid-up share capital stands at about N481.8 billion, just below the N500 billion threshold prescribed by the CBN for internationally licensed banks. Despite this, the group maintains that it has already met the regulatory requirement at the operating bank level.
In a statement issued on January 2, Femi Otedola, chairman of First HoldCo, said FirstBank, the group’s commercial banking subsidiary, has attained the N500 billion minimum capital base required by the CBN. “FirstBank, the commercial banking arm of First HoldCo Plc, has met the N500 billion minimum capital base required by the Central Bank of Nigeria (CBN) for an international banking licence,” Otedola said.
In December 2025, Femi Otedola increased his stake in First HoldCo to over 18 percent. This move strengthened his position as the group’s largest shareholder. If Otedola was the investor behind the latest private placement, his ownership could rise to more than 24 percent. That would further consolidate his influence over the lender. However, the identity of the buyer has not been disclosed.
The NGX disclosure also showed that First HoldCo initially sought to raise N106.5 billion through the issuance of 3.28 billion shares under the private placement. The final outcome, however, fell short of the target, with the group raising N83.7 billion from the exercise.