Billionaire investor strengthens his position as the company’s largest shareholder, with total investment now valued at over N1 trillion……
Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has increased his ownership in the financial services group, raising his stake to 21.96 percent following another major share acquisition.
A share dealing notification filed with the Nigerian Exchange (NGX) on Wednesday showed that Otedola purchased 706.13 million additional shares, increasing his holdings from 20.42 percent to 21.96 percent.
The latest transaction, executed through his investment company, Calvados Global Services Limited, was valued at approximately N77.58 billion.
With the acquisition, Otedola’s total shareholding in First HoldCo has risen from 9.28 billion shares to 9.99 billion shares, further consolidating his position as the company’s largest shareholder.
Based on current market valuation, Otedola’s investment in First HoldCo is now worth about N1.04 trillion, a significant increase from the N566.43 billion valuation recorded on June 18.
The latest purchase comes just weeks after another sizeable investment in the financial institution. In June, Otedola acquired 680 million shares through a private placement in a deal worth N29.6 billion, underscoring his continued confidence in the company’s long-term prospects.
The fresh investment reinforces Otedola’s growing influence within First HoldCo as the financial institution continues to attract investor attention in Nigeria’s banking sector.
