Billionaire investor Femi Otedola has significantly bolstered his dominance as the largest shareholder in First HoldCo Plc, executing a massive ₦222.20 billion equity acquisition to push his total holding past 25 per cent.
A regulatory filing from the Nigerian Exchange (NGX) confirmed that Otedola purchased an additional 1.77 billion shares on Thursday through his investment firm, Calvados Global Services Limited. The move lifts his stake from 21.96 per cent (9.99 billion shares) to 25.88 per cent (11.77 billion shares), cementing his control over the financial institution with an aggregate investment now valued at ₦1.47 trillion.
The transaction marks Otedola’s second aggressive expansion in the group within a single month, following a 22 July purchase of 706.13 million shares for ₦77.58 billion.
The multi-billion-naira spending spree comes on the heels of First HoldCo overtaking Zenith Bank to become Nigeria’s most valuable banking stock by market capitalisation, driven by a sustained rally on the local bourse.
With Otedola’s holding rapidly edging toward the 30 per cent threshold, market watchers note that under the Investments and Securities Act and Securities and Exchange Commission guidelines, crossing that mark would legally obligate the tycoon to launch a mandatory takeover bid for the remaining shares.