Femi Otedola, chairman of First HoldCo Plc, has increased his stake in the financial services group after acquiring an additional 95.69 million shares worth N12.58 billion.
The latest purchase, made through his investment vehicle, Calvados Global Services Limited, brings Otedola’s holding in First HoldCo to about 12.23 billion shares, representing approximately 26.6 percent of the company.
According to an insider dealing notice filed with the Nigerian Exchange (NGX) Limited on Monday and signed by Abiola Baruwa, group company secretary of First HoldCo, Calvados purchased 95,699,240 ordinary shares at N131.48 kobo each on August 24.
The transaction was executed on the floor of the NGX for an aggregate value of N12,582,404,672.
The latest acquisition comes days after Otedola bought 147,737,699 First HoldCo shares for N20.68 billion through Calvados.
The transaction sealed on August 14 was executed at N140 per share and increased his holding from about 11.99 billion shares to 12.13 billion shares.
Before that, Otedola had acquired 138.04 million shares worth about N18.11 billion in another transaction executed in August.
He also bought 706.13 million shares for N77.58 billion in July, while another acquisition of 1.78 billion shares valued at N222.21 billion was disclosed the same month.
The series of purchases have further strengthened Otedola’s position as First HoldCo’s largest shareholder.
In July, his stake crossed 26 percent after the acquisition of shares worth more than N222 billion.
Otedola had earlier indicated that he could increase his holding in First HoldCo to more than 51 percent, and described his investment in the financial institution as a long-term generational commitment.
He also said he had invested more than N600 billion of his personal wealth in the financial institution.
Otedola became chairman of First HoldCo in January 2024 following the dissolution of the previous board of the company.
At the latest closing price, Otedola’s approximately 12.23 billion shares are worth about N1.61 trillion.
