Femi Otedola has increased his stake in First HoldCo Plc following the acquisition of 138.04 million ordinary shares valued at about N18.11 billion.
According to a regulatory filing, the shares were purchased by Calvados Global Services Limited, a company linked to Otedola as a significant shareholder, at N131.20 per share on the Nigerian Exchange.
The transaction, completed on August 6, raises Otedola’s holdings from 11.85 billion shares (25.8 percent) to 11.99 billion shares (26.1 percent), further strengthening his position in the financial services group.
The latest move comes shortly after Otedola signalled plans to increase his stake beyond the current level. In a recent interview, he disclosed that he has invested over N600 billion of his personal wealth in the lender, describing it as a long-term commitment.
“My investment threshold is always over and above 51 percent,” he 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.”
The acquisition also follows a strong rally in First HoldCo’s share price. The stock recently climbed to an all-time high of N140 per share, pushing the company’s market capitalisation to N6.37 trillion and reinforcing its status as Nigeria’s most valuable listed banking group.
Shares in the company have surged by more than 190 percent since the start of the year, driven by sustained investor demand and expectations around ongoing reforms under Otedola’s leadership.
