Otedola acquires N222bn FirstHoldco shares, holds 26%

Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has further consolidated his position as the group’s largest individual shareholder after acquiring an additional 1.779 billion ordinary shares valued at ₦222.20 billion. The disclosure was made via a regulatory filing with the Nigerian Exchange (NGX) signed by the company secretary, Abiola Baruwa.

Executed through his investment vehicle, Calvados Global Services Limited, for ₦124.90 per share, the purchase increases Otedola’s total beneficial holding from 9.99 billion shares to approximately 11.77 billion shares. This bumps his total ownership in the parent company of First Bank of Nigeria from 21.96 per cent to roughly 26 per cent.

The ₦222.20 billion trade marks Otedola’s second major block acquisition within a week, coming shortly after a ₦77.58 billion purchase on July 22. With total investments in the group now estimated at ₦1.47 trillion, his stake sits just below the 30 per cent threshold that triggers a mandatory takeover offer under Securities and Exchange Commission (SEC) guidelines.