Otedola raises First HoldCo stake to 27.49% with fresh N20.7 billion share purchase

Femi Otedola, the chairman of First HoldCo Plc, acquired 147.7 million new shares in the banking group on Monday, taking his stake in the company to 27.49 per cent.

In a transaction announced in a regulatory filing signed by the group’s Company Secretary, Abiola Baruwa, Mr Otedola purchased 147,737,699 additional shares at N140 per share.

The additional shares, which represent 0.33 per cent of the company’s outstanding shares, were purchased through Calvados Global Services Limited and valued at N20.7 billion.

Following the purchase, Mr Otedola now holds a total of 12.05 billion shares in the financial institution, representing about 27.49 per cent of the company.

The First HoldCo chair’s total shareholding in the company is valued at about N1.65 trillion, based on the company’s share price of N136.90 as of 4:00 p.m. (WAT) on 17 August.

The businessman has continued to increase his investment in the financial institution since emerging as its largest shareholder in 2021.

READ ALSO: Otedola acquires additional 138 million First HoldCo shares worth ₦18.1 billion

The latest purchase is the second time in August that Mr Otedola has increased his stake, following his acquisition of about 138 million shares in the financial services group, valued at approximately N18.1 billion, about a week ago.

Also, on 30 July, Mr Otedola increased his stake in the financial services group by acquiring an additional 1.78 billion shares valued at about N222.2 billion.