Otedola Acquires ₦222bn First HoldCo Shares, Raises Stake to 25.88%

The billionaire businessman strengthens his position as First HoldCo’s largest shareholder after buying an additional 1.77 billion shares.

Billionaire businessman Femi Otedola has increased his holding in First HoldCo Plc after acquiring an additional 1.77 billion shares worth ₦222.20 billion, further consolidating his position as the company’s largest shareholder.

A regulatory filing submitted to the Nigerian Exchange (NGX) showed that the acquisition was executed through Otedola’s investment vehicle, Calvados Global Services Limited.

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

The acquisition is the second major investment made by the businessman in the financial institution this month.

On July 22, Otedola acquired 706.13 million shares valued at ₦77.58 billion, strengthening his influence in the company.

With the latest transaction, Otedola’s total investment in First HoldCo is estimated at about ₦1.47 trillion.

The increased stake keeps him below the 30 per cent ownership threshold that would trigger a mandatory takeover offer under the Investments and Securities Act and the Securities and Exchange Commission’s rules governing mergers and acquisitions.

Under the regulations, any shareholder who acquires 30 per cent or more of the voting shares in a publicly listed company must make an offer to purchase the remaining shares from other shareholders.

The latest investment comes shortly 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.

Otedola, one of Nigeria’s leading investors, has steadily expanded his interest in the banking group in recent years as the institution continues to strengthen its position in the country’s financial sector.