By Seun Ibiyemi
Chairman of First HoldCo Plc, Femi Otedola, has acquired an additional 147.74 million shares in the financial services group for N20.68 billion through his investment vehicle, Calvados Global Services Limited.
The transaction, disclosed in a regulatory filing obtained from the Nigerian Exchange (NGX), involved the purchase of 147,737,699 ordinary shares at N140 per share on August 14.
Otedola’s stake in First HoldCo from 11.99 billion shares, representing 26.1 percent, to approximately 12.13 billion shares, or 26.4 percent.
The latest purchase comes less than two weeks after the billionaire acquired another 138.04 million ordinary shares in the company for about N18.11 billion.
The two transactions bring the value of his recent purchases to nearly N38.8 billion, further strengthening his position as the financial group’s largest individual shareholder.
Otedola had previously disclosed that he had invested more than N600 billion of his personal wealth in the bank, describing the investment as a “long-term generational commitment” rather than a turnaround play.
The businessman has also indicated his intention to increase his ownership of the financial services group, saying his investment philosophy favours majority control.
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“My investment threshold is always over and above 51 percent,” Otedola had said.
He added that firm shareholder control, while giving due consideration to minority shareholders, was important for implementing reforms and restructuring aimed at creating value for stakeholders.
“One of my key investment principles is that firm shareholder control, with due regard to minority interest, is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders,” he said.
The latest acquisition comes as First HoldCo’s share price trades at a record high of N140 per share.
At the price, the company’s market capitalisation stands at approximately N6.37 trillion, reflecting strong investor interest in the financial services group.
Otedola’s continued accumulation of First HoldCo shares is expected to remain a key focus for investors, particularly given his stated ambition of achieving majority control and his long-term commitment to the group.
