Femi Otedola Boosts Stake in First HoldCo with N2 Billion Share Acquisition

Femi Otedola, chairman and key shareholder of First HoldCo Plc, has increased his ownership in the company with a N2.01 billion purchase of 64.87 million shares.

According to filings with the Nigerian Exchange Limited (NGX) on Wednesday, Otedola acquired 39.3 million shares directly, worth N1.2 billion, on September 23. On the same day, he also purchased 25.6 million shares indirectly, valued at N793.6 million, through Calvados Global Services Limited.

The transactions raised Otedola’s direct stake in First HoldCo to 3.25 billion shares, representing 7.76 percent, while his indirect holdings now stand at 3.49 billion shares, or 8.34 percent. His combined stake in the company is now 16.1 percent, up from 13.15 percent in September 2024.

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This move comes nearly three months after Oba Otudeko, chairman of Honeywell Group and founder of Barbican Capital, and Tunde Hassan-Odukale, group managing director of Leadway Assurance, sold over 10 billion First HoldCo shares. RC Investment acquired those shares, though the beneficial owner was not publicly disclosed.

Earlier, on August 4, Wale Oyedeji, managing director of First HoldCo, clarified that RC Investment would divest the shares, noting that the company was holding them “temporarily.”