Otedola raises First HoldCo stake to 21.96% with N77.6bn share purchase

The latest purchase increased Otedola's total holdings in First HoldCo from 9.28 billion shares to 9.99 billion shares, further strengthening his position as the company's largest shareholder.

Femi Otedola, chairman of First HoldCo Plc, has increased his stake in the financial services group to 21.96 percent after acquiring an additional 706.13 million shares valued at N77.58 billion.

A share dealing by an insider notice filed with the Nigerian Exchange (NGX) on Wednesday showed that the acquisition, executed through Otedola's investment vehicle, Calvados Global Services Limited, raised his shareholding from 20.42 percent to 21.96 percent.

The latest purchase increased Otedola's total holdings in First HoldCo from 9.28 billion shares to 9.99 billion shares, further strengthening his position as the company's largest shareholder.

Based on the company's closing share price on Wednesday, Otedola's investment in First HoldCo is now valued at approximately N1.04 trillion, a sharp increase from the N566.43 billion valuation recorded on June 18, reflecting both his increased holdings and the stock's strong market performance.

The transaction follows another major investment by the billionaire businessman last month, when he acquired 680 million shares in First HoldCo through a private placement valued at N29.6 billion.

Otedola has steadily expanded his stake in the lender over the past year, reinforcing investor confidence in the company as it pursues growth and restructuring initiatives. His latest acquisition further cements his influence in one of Nigeria's oldest financial institutions.