Femi Otedola, chairman of First HoldCo Plc, has increased his stake in the financial services group after acquiring 147.74 million additional shares through his investment vehicle, Calvados Global Services Limited.
According to a regulatory filing obtained from the Nigerian Exchange (NGX), the shares were acquired for N20.68 billion on Monday.
The filing showed that Otedola purchased 147,737,699 ordinary shares at N140 per share on August 14.
The latest acquisition has increased his stake in First HoldCo from 11.99 billion shares, representing 26.1 per cent, to 12.13 billion shares, or 26.4 per cent.
The transaction comes less than two weeks after the billionaire acquired another 138.04 million ordinary shares in the group for about N18.11 billion.
Before the latest purchases, Otedola had disclosed that he had invested more than N600 billion of his personal wealth in the financial institution, describing the investment as a “long-term generational commitment” rather than a turnaround strategy.
Speaking previously about speculation that he could further increase his stake, Otedola said his investment philosophy favours majority ownership.
“My investment threshold is always over and above 51 per cent,” the billionaire had said.
“One of my key investment principles is that firm shareholder control, with due regard for minority interest, is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders.”
First HoldCo’s share price recently climbed to an all-time high of N140 per share, taking the company’s market capitalisation to N6.37 trillion.
