Billionaire businessman Femi Otedola has increased his ownership in First HoldCo Plc after acquiring an additional 1.77 billion shares through his investment company, Calvados Global Services Limited.
According to a regulatory filing on the Nigerian Exchange (NGX), the transaction, valued at N222.20 billion, was completed on Thursday.
The latest purchase raises Otedola’s shareholding from 9.99 billion shares to 11.77 billion shares, increasing his stake in the financial institution from 21.96 percent to 25.88 percent.
The acquisition follows another major investment made on July 22, when Otedola purchased 706.13 million shares worth N77.58 billion, further strengthening his position as the bank’s largest shareholder.
With the latest transaction, his total investment in First HoldCo is now estimated at approximately N1.47 trillion, making him the institution’s single largest investor.
Under the Investments and Securities Act and the Securities and Exchange Commission’s merger and acquisition regulations, any shareholder who acquires 30 percent or more of the voting shares in a publicly listed company is required to make a mandatory takeover offer to other shareholders.
The increased investment comes weeks after First HoldCo became Nigeria’s most valuable listed banking stock by market capitalisation, surpassing Zenith Bank following sustained gains in its share price on the Nigerian Exchange.
