Billionaire investor and Group Chairman of First HoldCo Plc, Femi Otedola, has further strengthened his controlling position in the financial services group after acquiring shares worth N18.11bn on the Nigerian Exchange Limited (NGX).
According to a regulatory disclosure filed with the NGX on Friday, Calvados Global Services Limited, an entity closely associated with Mr. Otedola, acquired 138,041,465 ordinary shares of First HoldCo Plc on Thursday, 6 August.
The shares were purchased at N131.20 each, bringing the total value of the transaction to N18,111,040,208, or approximately N18.11bn.
The transaction was executed on the Lagos trading floor and was disclosed to the market by the Group Company Secretary, Mrs. Abiola Baruwa.
The latest acquisition represents one of the largest single-day insider equity purchases on the Nigerian bourse this year.
The filing was made in accordance with regulatory requirements governing share transactions involving persons discharging managerial responsibilities and individuals or entities closely associated with them.
Calvados Global Services Limited is registered as an entity associated with Mr. Otedola, who is both a significant shareholder and board leader of First HoldCo.
The latest purchase is also Mr. Otedola’s third major equity acquisition in less than three weeks, following other multi-billion-naira purchases in late July.
Following the latest transaction, his total beneficial ownership in First HoldCo has risen to approximately 27.16 per cent of the company’s issued share capital, further consolidating his position as its largest individual shareholder.
Acquisition comes amid banking recapitalisation
The aggressive accumulation of shares comes as First HoldCo continues its recapitalisation programme following the Central Bank of Nigeria’s mandatory recapitalisation requirements for commercial and holding banking institutions.
Mr. Otedola has previously outlined a long-term strategy for the financial institution, indicating that his investment is focused on sustained value creation rather than short-term market trading.
Speaking on his continued investment in the group, Mr. Otedola said:
“That figure speaks not to speculation but to unflinching confidence in the institution’s future and my unwavering commitment to its success. If you look at my antecedents, my investment threshold is always centered on long-term value creation.”
Analyst says acquisition could boost market sentiment
A Lagos-based trader and capital market analyst, Mr. Ade Ojapa, said insider investment of such magnitude could signal confidence in First HoldCo’s financial position and long-term prospects.
According to Mr. Ojapa, the size of the transaction could also influence market activity around the company’s shares.
“Market participants expect the sheer size of the trade to boost trading volume and sentiment around First HoldCo equities as the market digests the structural impact of the deal,” he said.
The latest acquisition places renewed attention on First HoldCo’s recapitalisation strategy, ownership structure and prospects within Nigeria’s evolving banking and financial services sector.
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