JUST IN: Otedola buys N222bn additional First HoldCo shares to boost stake

Billionaire businessman Femi Otedola has substantially boosted his shareholding in First HoldCo Plc, a prominent financial institution in Nigeria. His investment vehicle, Calvados Global Services Limited, recently purchased an additional 1.77 billion shares, a transaction valued at N222.20 billion.

This latest move increases Otedola's total shareholding in First HoldCo from 9.99 billion shares to 11.77 billion shares. Consequently, his ownership stake has risen from 21.96 percent to 25.88 percent. This acquisition marks Otedola's second significant investment in the bank this July, following a purchase of 706.13 million shares worth N77.58 billion on July 22.

With these combined investments, Otedola's total stake in First HoldCo is now estimated at N1.47 trillion, solidifying his position as the company's largest individual shareholder. The Nigerian Exchange (NGX) provided the regulatory filing detailing this transaction, which occurred on Thursday.

Under Nigerian regulations, a shareholder acquiring 30 percent or more of a publicly listed company's voting shares must initiate a mandatory takeover offer to other shareholders. Otedola's increased investment comes shortly after First HoldCo surpassed Zenith Bank to become Nigeria's most valuable banking stock by market capitalization, driven by a sustained rally in its share price on the Nigerian Exchange.