Femi Otedola has increased his stake in First HoldCo to 26.1% after acquiring 138.04 million shares worth N18.11 billion.
Billionaire businessman Femi Otedola has increased his stake in First HoldCo Plc after acquiring an additional 138.04 million ordinary shares valued at approximately N18.11 billion, further strengthening his position as the company’s largest shareholder.
A regulatory filing submitted to the Nigerian Exchange (NGX) on August 7 disclosed that Calvados Global Services Limited, a company affiliated with Otedola as a significant shareholder, purchased 138,041,465 ordinary shares at N131.20 per share on August 6.
The latest acquisition raises Otedola’s holdings in First HoldCo from 11.85 billion shares (25.8%) to 11.99 billion shares (26.1%).
The purchase comes just days after Otedola revealed plans to increase his stake in the financial services group beyond its current level.
In an interview on August 3, the businessman disclosed that he has invested more than N600 billion of his personal wealth in First HoldCo, describing the investment as a long-term generational commitment rather than a short-term turnaround strategy.
Addressing speculation about acquiring a larger ownership stake, Otedola said his investment philosophy prioritises majority control.
“My investment threshold is always over and above 51 percent,” he said.
“One of my key investment principles is that firm shareholder control, with due regard for minority interest, is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders.”
The latest share purchase comes amid a strong rally in First HoldCo’s stock.
On Thursday, the lender’s share price climbed to a record N140 per share, pushing its market capitalisation to N6.37 trillion and making it Nigeria’s most valuable listed banking group.
The stock has gained more than 190 percent since the start of the year, fuelled by strong investor demand and growing confidence in the bank’s ongoing transformation under Otedola’s leadership.
