Femi Otedola Increases Stake in First HoldCo with N222bn Share Purchase

Billionaire businessman and First HoldCo Plc Chairman Femi Otedola has further strengthened his position as the company’s largest shareholder by acquiring an additional 1.77 billion shares through his investment vehicle, Calvados Global Services Limited.

According to a regulatory filing with the Nigerian Exchange (NGX), the transaction — valued at approximately N222.20 billion  was executed on Thursday at N124.90 per share.

This latest purchase lifts Otedola’s total shareholding from about 9.99 billion to 11.77 billion shares, raising his ownership stake from 21.96% to roughly 25.88%. His investment in the financial holding company is now estimated at around N1.47 trillion.

The move marks Otedola’s second significant acquisition in July. On July 22, he purchased 706.13 million shares worth N77.58 billion, continuing his aggressive accumulation of First HoldCo stock amid the company’s strong market performance.

First HoldCo recently became Nigeria’s most valuable banking stock by market capitalisation, surpassing Zenith Bank after a sustained rally on the NGX.

Under Nigerian securities rules, acquiring 30% or more of a company’s voting shares would trigger a mandatory takeover offer to other shareholders. Otedola’s stake remains below that threshold for now.

The developments underscore Otedola’s strong confidence in First HoldCo’s long-term prospects as Nigeria’s oldest financial institution.

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