Billionaire businessman Femi Otedola has further increased his ownership of First HoldCo Plc after acquiring an additional 147.74 million shares in the financial services group.
The shares were purchased through his investment vehicle, Calvados Global Services Limited, according to a regulatory filing obtained from the Nigerian Exchange (NGX).
The transaction, valued at approximately N20.68 billion, was completed at N140 per share on August 14.
The latest acquisition comes less than two weeks after Otedola purchased another 138.04 million First HoldCo shares for about N18.11 billion, signalling continued expansion of his position in the group.
Following the latest transaction, Otedola’s holding increased from approximately 11.99 billion shares, representing 26.1 percent of the company, to about 12.13 billion shares, or 26.4 percent.
Otedola has previously disclosed that he has committed more than N600 billion of his personal wealth to investments in the bank, describing his interest as a long-term commitment rather than a short-term turnaround strategy.
The billionaire has also indicated that he generally prefers significant ownership positions in companies in which he invests.
“My investment threshold is always over and above 51 percent,” Otedola had said, adding that strong shareholder control, while respecting minority shareholders, was important for implementing reforms and restructuring businesses to create value for stakeholders.
The latest investment comes amid strong performance in First HoldCo’s share price. The company’s stock recently climbed to an all-time high of N140 per share, pushing its market capitalisation to approximately N6.37 trillion.
Otedola’s continued accumulation of shares further strengthens his position as one of the group’s major shareholders and underscores his long-term interest in the financial services business.
