Otedola Boosts First HoldCo Stake with N222bn Acquisition

Femi Otedola, the Chairman of First HoldCo Plc, has significantly increased his investment in the company by acquiring an additional 1.779 billion ordinary shares valued at approximately N222 billion. This acquisition, disclosed in a regulatory filing to the Nigerian Exchange (NGX) on Thursday, raises Otedola's total beneficial shareholding to 11.763 billion ordinary shares, which represents 25.87% of First HoldCo's issued share capital.

At a transaction price of N124.90 per share, Otedola's stake is now valued at around N1.47 trillion, equivalent to about $1 billion. This makes it one of the largest individual equity holdings in Nigeria's financial services sector.

The recent purchase follows a week after Calvados Global Services Limited, a company linked to Otedola, acquired 706.13 million shares worth approximately N77.6 billion. Together, these transactions represent nearly N300 billion in fresh investments in First HoldCo within just over a week, reinforcing investor confidence in the banking group.