Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has strengthened his position in the financial services group after acquiring an additional 138.04 million ordinary shares valued at about N18.11 billion, further increasing his ownership in the company.
Gatekeepers News reports that the latest acquisition was disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX) on Friday. According to the filing, Calvados Global Services Limited, a company linked to Otedola as a significant shareholder, purchased 138,041,465 shares at N131.20 per share on August 6.
The transaction raises Otedola’s stake in First HoldCo from 11.85 billion shares (25.8%) to approximately 11.99 billion shares (26.1%), consolidating his position as the company’s largest shareholder.
The acquisition comes just days after Otedola hinted at plans to expand his ownership in the lender. Speaking in an interview earlier this week, he revealed that he has invested over N600 billion of his personal wealth in First HoldCo, describing the investment as a long-term commitment rather than a short-term turnaround strategy.
He said, “My investment threshold is always over and above 51 percent,” adding, “One of my key investment principles is that firm shareholder control, with due regard for minority interest, is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders.”
The fresh investment follows a remarkable rally in First HoldCo’s shares on the Nigerian Exchange. On Thursday, the stock climbed to a record N140 per share, pushing the bank’s market capitalisation to about N6.37 trillion and making it Nigeria’s most valuable listed banking group.
The shares have surged by more than 190 percent since the start of the year, driven by strong investor confidence and optimism over the company’s ongoing transformation under Otedola’s leadership.
