\n\nBillionaire businessman Femi Otedola has increased his ownership in First HoldCo Plc to 20.4 per cent after acquiring 672.9 million new shares valued at N29.6 billion. The purchase was made through the second tranche of the company’s N350 billion private placement programme aimed at strengthening the capital base of its banking subsidiary, First Bank of Nigeria Limited. The transaction further cements Otedola’s position as the group’s largest shareholder and comes amid First HoldCo’s efforts to raise its paid-up capital to N1 trillion in line with recapitalisation requirements. Otedola has consistently increased his stake in the financial institution through a series of major share acquisitions over the past two years.
