Otedola raises First HoldCo stake to 27.49% with fresh N20.7 billion share purchase

Femi Otedola, the chairman of First HoldCo Plc, has further solidified his position as the company's largest shareholder by acquiring an additional 147.7 million shares. This substantial purchase, executed through Calvados Global Services Limited, represents a 0.33% increase in the company's outstanding shares and was valued at N20.7 billion.

The transaction brings Otedola's total stake in the financial institution to 27.49 percent, encompassing a total of 12.05 billion shares. Based on the company's share price of N136.90 as of August 17, his overall shareholding is now estimated to be worth approximately N1.65 trillion.

This latest move is not an isolated event but part of a consistent strategy by Otedola to bolster his investment in First HoldCo. He has been progressively increasing his stake since emerging as the largest shareholder in 2021. Notably, this marks the second time in August alone that Otedola has expanded his holdings; he previously acquired about 138 million shares worth approximately N18.1 billion just a week prior.

His investment activities in July were also significant, with a notable acquisition on July 30 of an additional 1.78 billion shares valued at around N222.2 billion. These continuous and substantial share purchases underscore Otedola's strong confidence in the financial institution and his commitment to increasing his control and influence within the company.