Femi Otedola, chairman of First HoldCo Plc, has further increased his investment in the financial services group after acquiring an additional 95.69 million shares worth N12.58 billion.
The latest purchase, made through his investment vehicle, Calvados Global Services Limited, has taken Otedola’s holding in First HoldCo to approximately 12.23 billion shares, representing about 26.6 per cent of the company.
According to an insider dealing notice filed with the Nigerian Exchange (NGX) Limited on Monday and signed by First HoldCo Group Company Secretary, Abiola Baruwa, Calvados acquired 95,699,240 ordinary shares at N131.48 each on August 24.
The transaction was executed on the floor of the NGX for a total value of N12,582,404,672.
The latest acquisition comes only days after Otedola purchased another 147,737,699 First HoldCo shares for N20.68 billion through Calvados. That transaction, completed on August 14 at N140 per share, increased his holding from about 11.99 billion shares to 12.13 billion shares.
Before that, Otedola acquired 138.04 million shares worth about N18.11 billion in another transaction in August.
His buying spree has continued for several months. In July, he acquired 706.13 million shares for N77.58 billion, followed by another acquisition of 1.78 billion shares valued at N222.21 billion that was also disclosed in July.
The series of purchases have further strengthened Otedola’s position as First HoldCo’s largest shareholder, with his stake crossing 26 per cent in July following the acquisition valued at more than N222 billion.
Otedola had previously indicated that he could increase his stake in First HoldCo to more than 51 per cent, describing his investment in the financial institution as a long-term, generational commitment.
He has also disclosed that he had invested more than N600 billion of his personal wealth in the financial institution.
Otedola became chairman of First HoldCo in January 2024, following the dissolution of the company’s previous board.
At the latest closing price, Otedola’s approximately 12.23 billion shares are valued at about N1.61 trillion, further underscoring the scale of his investment in the group.
Source: First HoldCo/NGX filing.
