Femi Otedola has increased his stake in First HoldCo Plc following an additional acquisition of 138.04 million ordinary shares for about N18.11 billion.
In a regulatory filing dated August 7, First HoldCo said Calvados Global Services Limited, a company related to Otedola as a significant shareholder, purchased 138,041,465 shares at N131.20 per share on the Nigerian Exchange (NGX).
The transaction, which took place on August 6, increases Otedola’s stake in the financial services group from 11.85 billion shares (25.8 percent) to 11.99 billion shares (26.1 percent).
The acquisition comes days after Otedola signalled plans to increase his stake in First HoldCo beyond his current holding of about 26 percent.
Speaking in an interview on August 3, the businessman said he had invested more than N600 billion of his personal wealth in the lender, describing the investment as a “long-term generational commitment” rather than a turnaround play.
