Femi Otedola raises First HoldCo stake to 21.96% with N77.6bn share purchase

Chairman of First HoldCo Plc, Femi Otedola, has increased his shareholding in the financial institution to 21.96 per cent after acquiring an additional 706.13 million shares valued at N77.58 billion.

Details of the transaction were contained in a share dealing by an insider notice obtained from the Nigerian Exchange (NGX) on Wednesday.

The latest acquisition raised Otedola’s stake from 20.42 per cent to 21.96 per cent, increasing the volume of shares under his control from 9.28 billion to 9.99 billion.

The shares were acquired through his investment vehicle, Calvados Global Services Limited.

Following the transaction, the value of Otedola’s total investment in First HoldCo has risen to N1.04 trillion, a sharp increase from the N566.43 billion valuation of his holdings as of June 18.

The latest purchase further strengthens the billionaire investor’s position in the financial institution, coming barely a month after another major acquisition.

In June, Otedola purchased 680 million shares in First HoldCo through a private placement in a deal worth N29.6 billion, further consolidating his ownership in the company.