Otedola Acquires N77bn Shares to Increase His Investment in First HoldCo to N1trn

Femi Otedola, the chairman of First HoldCo, has increased his shareholding in the financial institution to 21.96 percent stake.

According to a statement on share dealing by an insider obtained from the Nigerian Exchange (NGX) on Wednesday, Otedola acquired 706.13 million shares to raise his stake from 20.42 percent on Wednesday.

The transaction, valued at N77.58 billion, increased the volume of First HoldCo shares Otedola holds, from 9.28 billion to 9.99 billion shares.

Following the acquisition, made through his investment vehicle, Calvados Global Services Limited, Otedola’s total investment in First HoldCo is now worth N1.04 trillion, based on Wednesday’s closing share price, compared to the N566.43 billion his shares were valued on June 18.