Otedola Boosts First HoldCo Stake with N222bn Purchase

Billionaire businessman Femi Otedola has significantly increased his stake in First HoldCo Plc by acquiring an additional 1.77 billion shares through his investment vehicle, Calvados Global Services Limited, for N222.20 billion. This transaction, executed on Thursday, raises Otedola's total shareholding from 9.99 billion shares to 11.77 billion shares, increasing his ownership stake from 21.96% to 25.88%.

This acquisition is Otedola's second major investment in First HoldCo in July, following his purchase of 706.13 million shares valued at N77.58 billion on July 22. With this latest investment, Otedola's total investment in First HoldCo is now estimated at N1.47 trillion, solidifying his position as the largest shareholder in the financial institution.

Under the Investments and Securities Act, any shareholder acquiring 30% or more of a publicly listed company's voting shares must make a mandatory takeover offer to remaining shareholders. First HoldCo recently became Nigeria's most valuable banking stock by market capitalization.