Otedola Boosts First HoldCo Stake with N222.2bn Shares

Femi Otedola, Chairman of First HoldCo, has significantly increased his stake in the financial institution by acquiring an additional 1.77 billion shares valued at N222.20 billion. This transaction, executed through his investment company, Calvados Global Services Limited, took place on Thursday and was disclosed to the Nigerian Exchange (NGX).

Following this acquisition, Otedola's total shareholding in First HoldCo rose from 9.99 billion shares to 11.77 billion shares, elevating his ownership percentage from 21.96% to 25.88%. This marks Otedola's second major investment in First HoldCo in July, following his earlier purchase of 706.13 million shares worth N77.58 billion on July 22.

With this latest investment, Otedola's cumulative investment in First HoldCo has reached N1.47 trillion, making him the largest shareholder in the institution.