…closing share price rises N119.95, lifting his holding to N1.47 trillion
…NPL falls by 37.4% as H1 profit rebounds
Femi Otedola, the billionaire chairman of First HoldCo Plc, has cemented his grip on Nigeria’s oldest financial institution. In a major market move, Otedola increased his ownership stake to 25.87 percent, after acquiring an additional 1.779 billion ordinary shares valued at N222.2 billion, marking his second acquisition in eight days.
The purchase, disclosed in a regulatory filing to the Nigerian Exchange (NGX) on Thursday, was executed at N124.90 per share through his investment vehicle, Calvados Global Services Limited. It takes his total beneficial ownership to 11.76 billion shares, up from 21.96 percent previously.
Taken together with the 706.13 million shares worth N77.59 billion he bought on July 22, Otedola has committed nearly N300 billion in fresh capital to First HoldCo within a week. At the latest transaction price, his total holding is now worth an estimated N1.47 trillion, or roughly $1 billion, becoming one of the largest single-shareholder equity positions in Nigeria’s financial services industry on the nation’s bourse.
