Nigerian billionaire and chairman of First HoldCo Plc, Femi Otedola, has further tightened his grip on the financial institution, executing additional N18billion share acquisitions.
The share purchase was on Thursday August 6, through his company of interest Calvados Global Services Limited. He acquired additional 138,041,465 units at N131.2 per share, according to the company’s filing at the Nigeria Exchange Limited (NGX).
The latest share purchase by the billionaire businessman reinforces his position as the company’s single largest individual shareholder with 26 percent equity stake.
This aggressive capital deployment underscores Otedola long-term generational commitment to steering one of the country’s legacy banking groups through a period of stellar market performance and sweeping corporate transformation.
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As the single largest individual shareholder, Otedola has publicly indicated that his long-term investment strategy historically targets majority control (over 51 percent), hinting at a potential trajectory for further accumulation as the institution’s
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