Breaking: Otedola Increases Stake with Massive N222bn Purchase of Additional First HoldCo Shares

Billionaire businessman Femi Otedola has bolstered his stake in First HoldCo Plc, purchasing an additional 1.77 billion shares through his investment arm, Calvados Global Services Limited, thereby expanding his holdings in the financial institution.

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The transaction, which was valued at N222.20 billion, took place on Thursday, as revealed by a regulatory filing obtained from the Nigerian Exchange (NGX).

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The acquisition has resulted in Otedola's shareholding in First HoldCo increasing from 9.99 billion shares to 11.77 billion shares, effectively raising his ownership stake from 21.96 per cent to 25.88 per cent.

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This latest purchase marks Otedola's second significant investment in the bank this July, following his acquisition of 706.13 million shares valued at N77.58 billion on July 22, which further solidified his position as the company's largest shareholder.

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With this latest transaction, Otedola's total investment in First HoldCo is now estimated to be approximately N1.47 trillion, cementing his status as the single largest investor in the financial institution.

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According to the Investments and Securities Act and the Securities and Exchange Commission's rules on mergers and acquisitions, any shareholder who acquires 30 per cent or more of the voting shares in a publicly listed company is required to make a mandatory takeover offer to the remaining shareholders.

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Otedola's increased investment in First HoldCo comes on the heels of the company emerging as Nigeria's most valuable banking stock by market capitalisation, surpassing Zenith Bank after a sustained rally in its share price on the Nigerian Exchange.