Femi Otedola has strengthened his position as the largest shareholder in First HoldCo after purchasing an additional 1.77 billion shares in the financial services group through his investment company, Calvados Global Services Limited.
A disclosure filed with the Nigerian Exchange (NGX) showed that the transaction, completed on Thursday, was valued at N222.20 billion.
The latest acquisition raises Otedola’s total holding in the company from 9.99 billion shares to 11.77 billion shares, increasing his ownership stake from 21.96 per cent to 25.88 per cent.
The purchase marks Otedola’s second major investment in First HoldCo this month. On July 22, he acquired 706.13 million shares in a deal worth N77.58 billion, further consolidating his influence in the financial institution.
Following the latest transaction, the market value of Otedola’s investment in First HoldCo is estimated at about N1.47 trillion.
His growing stake also places him closer to the regulatory threshold that could require a mandatory takeover bid. Under the Investments and Securities Act and the Securities and Exchange Commission’s rules on mergers and acquisitions, any investor who acquires 30 per cent or more of the voting shares in a publicly listed company must make a mandatory takeover offer to the remaining shareholders.
The acquisition comes on the heels of First HoldCo’s emergence as the most valuable banking stock on the Nigerian Exchange, overtaking Zenith Bank after a sustained rally in its share price.
