Billionaire businessman and Chairman of First HoldCo, Femi Otedola, has increased his ownership in the financial institution to 21.96 percent after acquiring additional shares worth ₦77.58 billion.
According to a share dealing disclosure filed with the Nigerian Exchange (NGX), Otedola purchased 706.13 million shares, raising his stake from 20.42 percent to 21.96 percent.
The acquisition increased the number of shares he holds from 9.28 billion to 9.99 billion, making him one of the institution’s largest shareholders.
The transaction was carried out through his investment company, Calvados Global Services Limited.
Following the latest purchase, Otedola’s total investment in First HoldCo is now valued at approximately ₦1.04 trillion, based on the company’s closing share price on Wednesday.
The value of his investment has grown significantly from ₦566.43 billion recorded on June 18, reflecting both the additional share purchase and the rise in the company’s market value.
The latest acquisition comes just weeks after Otedola bought 680 million shares in First HoldCo through a private placement for ₦29.6 billion, further strengthening his position in the financial institution.
The move reinforces Otedola’s long-term commitment to First HoldCo as the company continues to pursue its growth and expansion plans.
