Nigerian billionaire and Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial services group to 26.01 percent after acquiring additional shares valued at over N222.2 billion in one of the largest insider transactions on the Nigerian Exchange (NGX).
Gatekeepers News reports that a regulatory filing submitted to the NGX showed that Otedola purchased about 1.67 billion ordinary shares through his investment vehicle, Calvados Global Services Limited. The acquisition lifted his combined direct and indirect shareholding from 21.96 percent to 26.01 percent, further consolidating his position as the company’s largest shareholder.
The latest investment comes barely a week after Otedola increased his stake to 21.96 percent through the purchase of shares worth N77.58 billion, reflecting his continued confidence in the lender’s long-term growth strategy.
The fresh acquisition, valued at more than N222 billion, underscores Otedola’s commitment to strengthening First HoldCo as it pursues its recapitalisation and expansion plans.
The financial institution has recently recorded strong earnings and has remained one of the Nigerian Exchange’s best-performing banking stocks, attracting increased investor interest.
