Billionaire businessman Femi Otedola has increased his ownership of First HoldCo Plc after acquiring an additional 95.7 million shares valued at N12.58 billion.
The transaction further strengthens Otedola’s position as the largest individual shareholder in the financial services group and takes his total stake to 27.70 per cent.
The latest purchase was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX). The notification was authorised by First HoldCo’s Group Company Secretary, Abiola Baruwa, in line with capital market disclosure requirements.
According to the filing, the shares were purchased through Calvados Global Services Limited, an investment company linked to Otedola.
The transaction involved the purchase of 95,699,240 ordinary shares of First HoldCo at N131.48 per share on the NGX.
At the stated price, the deal was worth approximately N12.58 billion, making it another significant investment by Otedola in the financial services group.
The acquisition is part of a wider pattern of share purchases by the businessman in recent months. Otedola has steadily increased his holdings in First HoldCo, signalling a long-term interest in strengthening his influence over the company.
Following the latest transaction, his total holding has risen to about 12.14 billion shares, representing 27.70 per cent of the company.
Otedola has previously explained that his decision to build a substantial stake in the financial institution is aimed at supporting long-term stability and aligning the company’s strategic direction with sustainable returns for shareholders.
His growing ownership has also attracted significant attention in Nigeria’s capital market because of the size and frequency of his transactions.
In late July, Otedola was reported to have acquired another 1.78 billion shares, significantly increasing his position and helping establish him as the company’s dominant shareholder.
The latest purchase shows that the billionaire is continuing to build on that position rather than reducing his exposure to the financial group.
The regulatory filing also described the transaction as an initial notification of insider dealing, providing investors and the market with formal information about the share purchase.
Such disclosures are required when directors, major shareholders and other insiders conduct transactions involving the shares of listed companies. They are designed to promote transparency and ensure that investors have access to important information about significant changes in ownership.
Otedola’s expanding stake could give him greater influence over major decisions within First HoldCo as his ownership continues to rise.
However, moving from being the largest shareholder to securing outright majority control would require further substantial acquisitions, as his current 27.70 per cent holding remains below the 50 per cent threshold.
For investors, the continued accumulation of First HoldCo shares by one of its most influential shareholders could be an important development to watch as the company navigates Nigeria’s competitive banking and financial services industry.
The latest N12.58 billion transaction therefore represents more than another share purchase. It is another step in Otedola’s broader strategy to increase his ownership and influence in one of Nigeria’s major financial services groups.
