Femi Otedola, chairman of First HoldCo, has deepened his grip on the financial institution after acquiring 1.77 billion additional shares through his investment vehicle, Calvados Global Services Limited.
The Nigerian Exchange (NGX) confirmed the transaction, noting the shares were purchased on Thursday at a total value of ₦222.20 billion.
With the latest deal, Otedola’s holdings have climbed from 9.99 billion to 11.77 billion shares, boosting his ownership from 21.96% to 25.88%. The move edges him closer to the 30% threshold that would trigger a mandatory takeover offer under Nigeria’s Investments and Securities Act and SEC merger regulations.
This marks his second major buy in July, following the acquisition of 706.13 million shares worth ₦77.58 billion on July 22.
Otedola’s total stake in First HoldCo now stands at roughly ₦1.47 trillion, cementing his position as the largest single shareholder.
The development comes on the heels of First HoldCo overtaking Zenith Bank to become Nigeria’s most valuable banking stock, driven by a sustained rally in its share price.
