Femi Otedola, billionaire investor and group chairman, of First HoldCo Plc, has significantly deepened his stake in Nigeria’s premier financial services institution.
Executed on Wednesday through his primary investment vehicle, Calvados Global Services Limited, the landmark N77.6billion share purchase forms part of a multi-tranche acquisition strategy designed to consolidate his controlling position in the banking giant.
The 706,131,179 shares purchase transaction was executed on Wednesday July 22 on the floor of the Nigerian Exchange Limited at N109.88 per share.
This recent aggressive expansion by the billionaire investor not only reinforces market confidence during First HoldCo’s broader recapitalisation exercise, but also cements Otedola’s long-term vision to drive balance-sheet growth, enhance corporate governance, and unlock long-term shareholder value across the financial group. First Holdco stock has risen this year by circa 120 percent.
The strategic transaction underscores a deliberate move by the billionaire to insulate First HoldCo from hostile takeover threats while solidifying Otedola’s position as the undisputed dominant equity holder.
