Otedola Increases Stake in First HoldCo via ₦222.2bn Share Acquisition

Billionaire businessman Femi Otedola has further increased his stake in First HoldCo Plc after acquiring an additional 1.77 billion shares in the financial institution through his investment vehicle, Calvados Global Services Limited.

According to a regulatory filing on the Nigerian Exchange (NGX), the transaction, valued at approximately ₦222.20 billion, was executed on Thursday.

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

This marks Otedola's second major investment in the company in July. On July 22, he purchased 706.13 million shares worth ₦77.58 billion, reinforcing his position as the largest shareholder in the financial institution.

With the new purchase, the market value of Otedola's investment in First HoldCo is estimated at about ₦1.47 trillion, making him the company's single largest investor.

Under the Investments and Securities Act and the Securities and Exchange Commission's (SEC) rules on mergers and acquisitions, any shareholder that 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. At 25.88 per cent, Otedola remains below that regulatory threshold.

The increased investment comes just weeks after First HoldCo became Nigeria's most valuable banking stock by market capitalisation, overtaking Zenith Bank following a sustained rally in its share price on the Nigerian Exchange.