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FirstHoldCo shareholders approved the N253 billion capital raise at today's 14th AGM, clearing the path for Femi Otedola's N1 trillion paid-up capital target for First Bank of Nigeria.
FirstHoldCo shareholders gather today for their 14th AGM to vote on raising N253 billion ($183.4 million) in fresh capital toward a N1 trillion ($724.6 million) paid-up base championed by Femi Otedola.
Femi Otedola has made a fresh N43 billion open-market purchase of First HoldCo shares, his biggest single acquisition since taking the chairman's seat in 2024.
Nigeria’s appeal court says receivership has frozen the board’s authority, forcing Nestoil and Neconde to swap legal teams mid battle with lenders.
The move is raising some eyebrows, while others say it’s just “business as usual.”