Otedola Raises First HoldCo Stake to 25.88%

The latest acquisition increased Otedola's holdings from 9.99 billion shares to 11.77 billion shares, raising his stake in the company from 21.96 per cent to 25.88 per cent.

Femi Otedola has strengthened his position as the largest shareholder in First HoldCo after acquiring an additional 1.77 billion shares worth N222.20 billion, bringing his ownership stake in the financial services group to 25.88 per cent.

A regulatory filing submitted to the Nigerian Exchange (NGX) on Thursday showed that the shares were acquired through Otedola's investment vehicle, Calvados Global Services Limited.

The latest acquisition increased Otedola's holdings from 9.99 billion shares to 11.77 billion shares, raising his stake in the company from 21.96 per cent to 25.88 per cent.

The purchase marks Otedola's second major investment in First HoldCo in July. On July 22, he acquired 706.13 million shares valued at N77.58 billion, further consolidating his influence in the financial institution.

Following the latest transaction, Otedola's total investment in First HoldCo is estimated at N1.47 trillion, making him the company's largest shareholder by a significant margin.

The acquisition also brings Otedola closer to the 30 per cent threshold that triggers a mandatory takeover offer under Nigeria's Investments and Securities Act and the Securities and Exchange Commission (SEC) rules. Shareholders who acquire 30 per cent or more of the voting shares of a listed company are required to make an offer to purchase the remaining shares held by other investors.

The development comes weeks after First HoldCo surpassed Zenith Bank to become Nigeria's most valuable listed banking group, driven by a sustained rally in its share price and growing investor confidence.