Femi Otedola has acquired N222.2 billion worth of First HoldCo shares, raising his stake to 25.87 percent, the largest shareholding in the bank.
A regulatory filing submitted to the Nigerian Exchange (NGX) on Thursday showed that Otedola made the purchase through his investment vehicle, Calvados Global Services Limited, at N124.90 per share.
The transaction lifted his total holding in First HoldCo from 9.99 billion shares to roughly 11.76 billion shares.
How the latest purchase unfolded
It is the second major purchase Otedola has made in the company within the space of a week. On 22 July, Calvados acquired 706.13 million shares worth N77.59 billion, a transaction that had pushed his stake to about 21.96 percent.
With the latest acquisition, Otedola’s total investment in First HoldCo is now valued at approximately N1.47 trillion, based on the bank’s share price at the time of the deal. This makes him the largest individual shareholder in the institution by a wide margin.
Why First HoldCo is drawing investor attention
The purchases come as First HoldCo’s share price continues to rally on the back of strong half-year earnings. The bank recently overtook Zenith Bank to become Nigeria’s most valuable lender by market capitalisation, and became the first Nigerian banking stock to cross the N5 trillion market cap mark during intraday trading earlier in July.
Under Nigeria’s Investments and Securities Act and rules issued by the Securities and Exchange Commission on mergers and acquisitions, any shareholder whose stake reaches 30 percent or more of a public company’s voting shares is required to make a mandatory takeover offer to other shareholders. Otedola’s current stake remains below that threshold, though the pace of his recent acquisitions has drawn attention to how close he is getting to it.
Otedola’s growing position in First HoldCo
Otedola has steadily built up his position in First HoldCo since becoming its largest shareholder in 2021, with holdings rising through a series of share purchases over the past year. Market analysts say the latest transaction signals continued confidence in the bank’s recapitalisation programme and growth outlook.
Neither Otedola nor First HoldCo has indicated whether further share purchases are planned. Should his stake approach the 30 percent mark, attention will turn to whether a mandatory takeover offer becomes necessary under SEC rules.
