Nigerian billionaire Femi Otedola has bought another ₦18.1 billion ($12 million) worth of shares in First HoldCo, making his latest move towards the majority ownership of one of West Africa’s largest financial groups.
The transaction is particularly significant because it comes just days after Otedola publicly signalled that his ambitions for the banking group extend well beyond his current position as its largest shareholder.
A regulatory filing dated August 7 showed that Calvados Global Services Limited, an investment vehicle linked to Otedola, acquired 138.04 million First HoldCo shares at ₦131.20 each on the Nigerian Exchange.
The purchase was worth approximately ₦18.11 billion and increased Otedola’s holdings to about 11.90 billion shares, representing roughly 26.1% of First HoldCo.
It is the latest in a rapid series of purchases by the billionaire as he consolidates his influence over the financial group that owns FirstBank, one of Nigeria’s oldest and largest commercial banks.
