By Ghazali Ibrahim
Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial services group after acquiring an additional 1.77 billion shares worth ₦222.2 billion.
The acquisition, executed through his investment vehicle, Calvados Global Services Limited, was disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX) on Thursday.
Following the transaction, Otedola’s shareholding rose from 9.99 billion shares to 11.77 billion shares, increasing his ownership in First HoldCo from 21.96 per cent to 25.88 per cent, according to the filing.
The latest deal marks Otedola’s second major investment in the company this month. On July 22, he purchased an additional 706.13 million shares valued at ₦77.58 billion, further consolidating his position as the company’s largest individual shareholder.
With the latest acquisition, Otedola’s cumulative investment in First HoldCo is estimated at approximately ₦1.47 trillion.
His growing stake also brings him closer to the 30 per cent ownership threshold that would trigger a mandatory takeover offer under Nigeria’s capital market regulations.
Under the Investments and Securities Act and rules issued by the Securities and Exchange Commission (SEC), any shareholder who acquires 30 per cent or more of the voting shares of a listed company must make an offer to purchase the shares of remaining shareholders.
Otedola’s continued investment comes amid rising investor confidence in First HoldCo, whose shares have recorded strong gains on the Nigerian stock market.
The financial services group, the parent company of FirstBank Nigeria and other subsidiaries, recently overtook Zenith Bank to become Nigeria’s most valuable banking stock by market capitalisation.
Market observers say Otedola’s increasing stake underscores his confidence in the group’s long-term growth strategy and ongoing transformation.
His next moves will be closely watched as his ownership approaches the regulatory threshold for a mandatory takeover offer.
