Femi Otedola Boosts Stake in First HoldCo by N2.01bn, Meeting CBN Recapitalization Requirements

Nigerian billionaire Femi Otedola has increased his stake in First HoldCo Plc by N2.01 billion, meeting the recapitalization requirements set by the Central Bank of Nigeria (CBN). Otedola acquired additional shares at N31 per unit, boosting his direct and indirect holdings in the company.

This move aligns with First HoldCo's goal to reach a minimum capital base of N500 billion by March 31, 2026. The company recently approved a dividend of 60 kobo per 50 kobo ordinary share, signaling its financial strength and growth trajectory.

Otedola's increased investment showcases confidence in the company's future prospects and compliance with regulatory standards.