Businessman and Chairman of First HoldCo, Femi Otedola, has increased his ownership in the financial institution after acquiring 1.77 billion additional shares worth ₦222.20 billion through his investment company, Calvados Global Services Limited.
According to a disclosure filed with the Nigerian Exchange (NGX) on Thursday, the latest transaction raises Otedola’s total shareholding from 9.99 billion shares to 11.77 billion shares.
As a result, his stake in the company increased from 21.96 percent to 25.88 percent.
The acquisition marks Otedola’s second major investment in First HoldCo in July.
On July 22, he purchased an additional 706.13 million shares valued at ₦77.58 billion, further strengthening his position as the company’s largest shareholder.
With the latest purchase, Otedola’s total investment in First HoldCo is now estimated at ₦1.47 trillion, making him the institution’s biggest investor.
Under the Investments and Securities Act and the Securities and Exchange Commission (SEC) regulations on mergers and acquisitions, any shareholder who acquires 30 percent or more of the voting shares in a publicly listed company is required to make a mandatory takeover offer to the remaining shareholders.
Despite the latest acquisition, Otedola’s current stake remains below that threshold.
The development comes just weeks after First HoldCo overtook Zenith Bank to become Nigeria’s most valuable bank on the Nigerian stock market following a sustained rise in its share price.
Source: Nigerian Exchange (NGX).
