Otedola Invests N12.58bn in First HoldCo Shares
Femi Otedola, the Chairman of First HoldCo Plc, has made a significant investment in the financial institution by purchasing 95,699,240 shares at N131.48 per share through Calvados Global Services Limited on August 24, as reported in regulatory filings with the Nigerian Exchange Limited (NGX). This latest acquisition is part of Otedola's ongoing strategy to secure over 51% majority equity control in First HoldCo.
Prior to this transaction, he had already invested N412 billion in the company’s shares as part of his aggressive accumulation campaign. The stock closed at N127.9 on the trading day following the purchase, reflecting a loss of N2.05 or 1.58 percent.
Otedola's substantial investments are seen as a strong vote of confidence in First HoldCo's financial health and earnings strength, contributing to increased market interest and positioning the company as one of the most valuable banking stocks on the NGX.
Plus234Feed summary based on reporting from BusinessDay. Read the original report below.
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