Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has further strengthened his grip on Nigeria’s oldest financial services group after acquiring an additional 1.779 billion shares worth about N222.20 billion, raising his ownership stake in the company to 25.88 per cent.
The acquisition was executed on Thursday through his investment vehicle, Calvados Global Services Limited, according to a regulatory filing submitted to the Nigerian Exchange.
The latest purchase increases Otedola’s shareholding from 9.99 billion shares to 11.77 billion shares, lifting his stake from 21.96 per cent to 25.88 per cent and cementing his position as the largest shareholder in First HoldCo.
The transaction comes barely a week after he acquired 706.13 million shares valued at N77.58 billion, further accelerating his accumulation of equity in the financial institution.
With the latest deal, Otedola’s investment in First HoldCo is now estimated at about N1.47 trillion, reflecting the strong appreciation in the company’s market value following an extended rally in its share price.
The acquisition also brings the billionaire investor closer to the threshold that could trigger a mandatory takeover process under Nigeria’s capital market regulations.
Under the Investments and Securities Act and the Securities and Exchange Commission’s takeover rules, any shareholder that acquires 30 per cent or more of the voting shares in a publicly listed company is generally required to make a mandatory offer to purchase the remaining voting shares from other shareholders.
Otedola has steadily increased his investment in First HoldCo over the past few months through a series of high-value share purchases, reinforcing market confidence in the banking group’s long-term prospects.
The aggressive accumulation has coincided with First HoldCo’s strong performance on the Nigerian Exchange, where the company recently emerged as Nigeria’s most valuable listed banking stock by market capitalisation after overtaking Zenith Bank during a sustained rally.
