Billionaire businessman Femi Otedola has strengthened his ownership in First HoldCo Plc after acquiring additional shares worth approximately N18.11 billion.
The latest investment further increases Otedola’s stake in the financial services group, reinforcing his long-term commitment to the company.
According to a regulatory filing submitted by First HoldCo on August 7, the shares were purchased through Calvados Global Services Limited, a company linked to Otedola as a significant shareholder.
The filing revealed that 138,041,465 ordinary shares were acquired on the Nigerian Exchange (NGX) at N131.20 per share, bringing the total value of the transaction to about N18.11 billion.
Following the purchase, Otedola’s ownership in First HoldCo increased from 11.85 billion shares (25.8%) to 11.99 billion shares (26.1%).
The latest acquisition comes just days after the businessman disclosed plans to further increase his stake in the company.
Speaking during an interview on August 3, Otedola revealed that he had already invested more than N600 billion of his personal funds in First HoldCo, describing the investment as a long-term commitment for future generations rather than a short-term business turnaround.
He also explained that his investment strategy is built around maintaining majority ownership in companies where he invests.
“My investment threshold is always over and above 51 percent,” Otedola said.
He added that having strong shareholder control is important for implementing reforms while protecting the interests of minority investors.
The share purchase comes amid a remarkable rise in First HoldCo’s stock price.
On Thursday, the company’s shares climbed to a record N140 per share, pushing its market value to about N6.37 trillion and making it Nigeria’s most valuable listed banking group.
The lender’s shares have gained more than 190 percent since the beginning of the year, driven by growing investor confidence and expectations surrounding the company’s ongoing transformation under Otedola’s leadership.
