Femi Otedola, Chairman of First HoldCo Plc, has increased his stake in the financial services group after acquiring an additional 95.69 million shares valued at N12.58 billion.
Gatekeepers News reports that the latest purchase, made through his investment vehicle, Calvados Global Services Limited, brings Otedola’s total holding in First HoldCo to approximately 12.23 billion shares, representing about 26.6 percent of the company.
According to an insider dealing notice filed with the Nigerian Exchange (NGX) Limited on Monday and signed by Abiola Baruwa, Group Company Secretary of First HoldCo, Calvados acquired 95,699,240 ordinary shares at N131.48 per share on August 24.
The transaction was executed on the floor of the NGX at an aggregate value of N12,582,404,672.
The latest acquisition comes days after Otedola purchased 147,737,699 First HoldCo shares for N20.68 billion through Calvados.
That transaction, completed on August 14 at N140 per share, increased his holding from approximately 11.99 billion shares to 12.13 billion shares.
Otedola had also acquired 138.04 million shares valued at about N18.11 billion in another transaction executed in August.
In July, he purchased 706.13 million shares for N77.58 billion, followed by another acquisition of 1.78 billion shares valued at N222.21 billion disclosed the same month.
The series of purchases has further strengthened Otedola’s position as First HoldCo’s largest shareholder.
His stake crossed the 26 percent threshold in July following the acquisition of shares worth more than N222 billion.
Otedola had previously indicated that he could increase his holding in First HoldCo to more than 51 percent, describing his investment in the financial institution as a long-term generational commitment.
He also disclosed that he had invested more than N600 billion of his personal wealth in the financial services group.
Otedola became Chairman of First HoldCo in January 2024 following the dissolution of the company’s previous board.
At the latest closing price, his approximately 12.23 billion shares in First HoldCo are worth about N1.61 trillion.
