Billionaire businessman Femi Otedola has increased his stake in First HoldCo Plc after acquiring an additional 1.77 billion shares in the financial institution through his investment vehicle, Calvados Global Services Limited.
A regulatory filing obtained from the Nigerian Exchange (NGX) showed that the transaction, valued at N222.20 billion, was executed on Thursday.
The latest acquisition raises Otedola’s shareholding in First HoldCo from 9.99 billion shares to 11.77 billion shares, increasing his ownership stake from 21.96 per cent to 25.88 per cent.
The purchase marks Otedola’s second major investment in the bank in July. On July 22, he acquired 706.13 million shares valued at N77.58 billion, further strengthening his position as the company’s largest shareholder.
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With the latest transaction, Otedola’s investment in First HoldCo is now estimated at N1.47 trillion, making him the single largest investor in the financial institution.
Under the Investments and Securities Act and
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