Nigerian billionaire investor Femi Otedola has increased his ownership stake in First HoldCo Plc after acquiring an additional 1.77 billion shares valued at approximately N222.2 billion.
The acquisition, executed through Calvados Global Services Limited, was disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX).
The latest purchase increases Otedola’s holdings from 9.99 billion shares to 11.77 billion shares, representing 25.88 percent of the company’s total shares, up from 21.96 percent.
The transaction marks Otedola’s second major investment in the financial institution within July, following an earlier acquisition of 706.13 million shares worth N77.58 billion.
With the latest purchase, Otedola’s total investment in First HoldCo is estimated at approximately N1.47 trillion, reinforcing his position as the company’s largest shareholder.
Under Nigeria’s Investments and Securities Act and the Securities and Exchange Commission’s merger regulations, any shareholder whose stake reaches or exceeds 30 percent of the voting shares in a publicly listed company is required to make a mandatory takeover offer to remaining shareholders.
Despite the latest acquisition, Otedola remains below the regulatory threshold.
The investment follows First HoldCo’s emergence as Nigeria’s most valuable banking stock by market capitalisation after overtaking Zenith Bank during a sustained rally on the Nigerian Exchange.
Market analysts say the continued accumulation of shares by the billionaire investor signals strong confidence in the bank’s long-term growth prospects and reinforces investor interest in Nigeria’s banking sector.
