Otedola lifts First HoldCo stake to 26% after N222bn share purchase

Femi Otedola has raised his holding in First HoldCo to about 26 percent after buying another 1.779 billion shares in the financial services group.

The shares were bought through Calvados Global Services Limited at N124.90 per share, bringing the value of the new transaction to about N222.20bn. Vanguard and Premium Times both cited the company filing on the Nigerian Exchange.

The purchase increased Otedola’s holding from about 9.99 billion shares to roughly 11.77 billion shares. Premium Times put the post-transaction stake at 25.86 percent of First HoldCo’s issued share capital, while Vanguard described the holding as about 26 percent.

The latest acquisition came days after another July purchase in which Otedola bought 706.1 million First HoldCo shares worth about N77.6bn. Premium Times also reported that he bought 672.9 million shares in June during the second tranche of the group’s private placement programme.

First HoldCo is the parent company of First Bank of Nigeria Limited. Vanguard reported that Otedola’s investments in the group were valued at about N1.47tn as of Thursday, while Premium Times estimated the stake at about N1.45tn based on the company’s share price on July 30.

The new purchase further strengthens Otedola’s position in the banking group, where he has been building his stake since he emerged as the largest shareholder in 2021.

Sources: Vanguard, Premium Times