Otedola raises First HoldCo stake with N18.1 Billion share purchase
Billionaire investor Femi Otedola has increased his ownership in First HoldCo Plc after acquiring an additional 138.04 million ordinary shares valued at approximately N18.11 billion. According to a regulatory disclosure filed by the company on August 7, the shares were purchased through Calvados Global Services Limited, a company linked to Otedola as a significant shareholder. The transaction was executed on the Nigerian Exchange (NGX) on August 6 at N131.20 per share.
With the latest acquisition, Otedola’s holdings in the financial services group have risen from 11.85 billion shares, representing 25.8 percent, to 11.99 billion shares, equivalent to a 26.1 percent stake. The purchase comes shortly after Otedola revealed plans to further increase his investment in the company. In an interview earlier this month, he disclosed that he has committed more than N600 billion of his personal funds to First HoldCo, describing the investment as a long-term strategic commitment aimed at building lasting value.
He also reiterated his preference for majority ownership in companies he invests in, noting that his investment approach is typically centred on securing controlling interests of more than 51 percent.
According to Otedola, effective shareholder control, while protecting the interests of minority investors, provides the foundation for implementing reforms, restructuring businesses, and creating sustainable value for all stakeholders.
The latest share purchase comes amid a remarkable rally in First HoldCo’s stock. On Thursday, the company’s shares climbed to a record high of N140 on the Nigerian Exchange, lifting its market capitalisation to about N6.37 trillion and making it Nigeria’s most valuable publicly listed banking group.
First HoldCo’s share price has surged by more than 190 percent since the start of the year, fuelled by strong investor confidence and optimism over the company’s ongoing transformation under Otedola’s leadership.
