Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial services group to 27.70 per cent after acquiring an additional 95,699,240 ordinary shares worth about ₦12.58 billion.
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The transaction was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited and authorised by First HoldCo’s Group Company Secretary, Abiola Baruwa.
According to the filing, Otedola executed the purchase through his affiliated investment vehicle, Calvados Global Services Limited.
The company acquired 95,699,240 ordinary shares of First HoldCo Plc at ₦131.48 per share on the floor of the Nigerian Exchange.
The transaction represents another major step in Otedola’s continuing accumulation of shares in the financial holding company.
The regulatory filing described the disclosure as an “Initial Notification” of insider dealing, in line with capital market disclosure requirements governing transactions by directors and other insiders.
Following the latest purchase, Otedola’s total holding in First HoldCo has risen to approximately 12.14 billion shares, representing 27.70 per cent of the company’s issued equity.
The acquisition further strengthens his position as the single largest shareholder in the financial services group.
Otedola had previously explained that his strategy of building a substantial stake in the institution was aimed at promoting long-term stability and aligning the company’s strategic direction with sustainable shareholder value.
“Building a strong, major stake in an institution of this caliber ensures long-term stability and aligns strategic direction directly with sustainable shareholder value,” he had said.
The latest acquisition comes after a series of substantial purchases by the businessman in recent months.
In late July, Otedola acquired about 1.78 billion shares in a major transaction that significantly increased his ownership and further consolidated his position above other institutional shareholders.
The latest ₦12.58 billion purchase continues that accumulation strategy and moves him closer to his stated long-term ambition of securing majority control of the financial holding group.
First HoldCo Plc, formerly known as FBN Holdings Plc, is the parent company of FirstBank and other financial services businesses.
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