Femi Otedola. Credit: X/Fems Otedola
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. Related News Nigeria’s consumer credit drops 20% to N3.8tn Nigeria must deepen reforms to unlock opportunities – Okonjo-Iweala Interest income fuels Wema Bank’s N131.4bn H1 profit
