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Femi Otedola has further increased his holding in First HoldCo Plc after buying an additional 138.04 million ordinary shares for roughly N18.11 billion.
A regulatory filing dated August 7 shows Calvados Global Services Limited, a company linked to Otedola as a significant shareholder, acquired 138,041,465 shares on the Nigerian Exchange (NGX) at N131.20 per share.
The trade, executed on August 6, raised Otedola’s ownership in the financial-services group from 11.85 billion shares (25.8%) to 11.99 billion shares (26.1%).
The purchase follows recent signals from Otedola that he intends to lift his stake in First HoldCo above the current roughly 26% level.
Speaking in an interview on August 3, the businessman said he had invested more than N600 billion of his personal wealth in the lender, describing the investment as a “long-term generational commitment” rather than a turnaround play.
Responding to speculation about increasing his ownership, Otedola said his investment philosophy favours majority control.
“My investment threshold is always over and above 51 percent,” he said.
“One of my key investment principles is that firm shareholder control, with due regard for minority interest, is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders.”
The latest purchase follows a sustained rally in First HoldCo’s share price.
On Thursday, the lender’s stock rose to an all-time high of N140 per share, pushing its market capitalisation to N6.37 trillion and cementing its position as Nigeria’s most valuable listed banking group.
The stock has gained more than 190 percent since the beginning of the year, driven by strong investor demand and expectations surrounding the bank’s ongoing transformation under Otedola’s leadership.
Story Credit: TheCable
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