By Benson Daniel
Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has further increased his stake in the financial services group after acquiring an additional 147.74 million ordinary shares valued at about N20.7 billion.
The latest transaction, executed through Calvados Global Services Limited, involved the purchase of 147,737,699 shares at N140 each. The transaction was disclosed in a regulatory filing by First HoldCo.
The acquisition represents another significant increase in Otedola’s investment in the financial services group and comes barely a week after he purchased an additional 138 million shares worth approximately N18.1 billion.
Following the latest transaction, Otedola’s total holding in First HoldCo rose to about 12.05 billion shares, representing approximately 27.49 per cent of the company’s issued share capital, according to the latest disclosure.
The latest purchase further strengthens Otedola’s position as a major shareholder in the group and continues a sustained pattern of share accumulation that has significantly expanded his influence in the financial institution.
His latest acquisition is also part of a series of large transactions recorded in recent months. In July, Otedola acquired approximately 1.78 billion additional shares for about N222.2 billion, lifting his holding at the time to nearly 26 per cent.
He subsequently bought another 138 million shares worth about N18.1 billion in early August, pushing his stake to 27.16 per cent before the latest transaction.
The continued accumulation has drawn attention within the Nigerian capital market, particularly because of the scale and frequency of the transactions.
Otedola first emerged as a major shareholder in the financial group in 2021 and has steadily expanded his position over the years. His increasing ownership has made him one of the most influential individual investors in Nigeria’s banking sector.
The latest acquisition also comes at a time when First HoldCo has recorded significant activity in the Nigerian equities market. The group’s shares have attracted strong investor interest, while its market capitalisation has expanded substantially.
For investors, Otedola’s continued buying could be interpreted as a strong indication of his long term confidence in the financial institution and its prospects within Nigeria’s banking industry.
However, the scale of the transactions also underscores the growing concentration of ownership and influence around the group’s major shareholders.
The acquisition is expected to keep the company in focus among investors as market participants monitor further changes in its shareholding structure and the direction of Otedola’s investment strategy.
With his stake now approaching 28 per cent, further purchases could potentially strengthen his influence over the financial services group even more, although any additional changes would depend on future transactions and regulatory disclosures.
The latest N20.7 billion investment therefore adds to a series of major equity purchases that have made Otedola’s position in First HoldCo one of the most closely watched developments in Nigeria’s financial market.
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