Nigerian Billionaire Otedola Boosts First Bank Stake by N2 Billion as NGX Hits N90 Trillion

Nigerian billionaire Femi Otedola increased his stake in First Bank by acquiring shares worth N2 billion. The Nigerian Exchange NGX rebounded, reaching N90 trillion in trading on Monday, with the market experiencing renewed buying pressure in the industrial goods and banking sectors.

However, the insurance and consumer goods sectors declined, while the commodity sector remained flat. Otedola purchased shares at N31 per share, totaling N2 billion through his company, Calvados Global Services Limited.

This acquisition increased his direct shareholding to 7 billion units and indirect holding to 2 billion units. The market capitalization rose by N155 billion to N90 trillion compared to the previous session, with investors exchanging millions of shares valued at billions of naira.