Chairman and largest individual shareholder of First HoldCo Plc, Femi Otedola, has increased his stake in the banking group after acquiring an additional 706.13 million ordinary shares worth N77.59 billion.
A regulatory filing on the Nigerian Exchange showed the shares were purchased through his investment company, Calvados Global Services Limited, in a pre-arranged cross deal.
The latest acquisition brings Otedola’s investment in First HoldCo to about N121 billion over the past three months. In May, he bought 549.54 million shares valued at N43.41 billion.
The new purchase was executed at N109.88 per share, significantly higher than the N79 per share paid in the May transaction, indicating Otedola’s continued push to strengthen his position in the financial institution.
Following the acquisition, Otedola’s equity stake in First HoldCo has risen to 21.96 per cent, making him the largest individual shareholder. However, RC Investment remains the company’s biggest shareholder overall with a 22.94 per cent stake.
RC Investment became a major shareholder after acquiring shares previously held by former long-term investors Oba Otudeko and Oye Hassan-Odukale.
