Nigerian billionaire Femi Otedola has moved closer to owning 30% of First HoldCo after another multimillion-dollar share purchase, extending an aggressive accumulation that has rapidly strengthened his position in one of Nigeria’s biggest banking groups.
Otedola acquired 95.7 million First HoldCo shares through Calvados Global Services Limited at ₦131.48 each, according to a regulatory disclosure filed with the Nigerian Exchange on Monday.
The transaction was worth ₦12.58 billion, approximately $9 million, and increased his interest in the company from 27.49% to 27.70%.
The latest purchase means Otedola now owns about 12.14 billion shares in First HoldCo, the parent company of FirstBank.
It also brings him another step towards the 30% mark, less than a month after a series of large transactions dramatically expanded his ownership of the financial services group.
