KEY POINTS

• Otedola bought another 95.69 million First HoldCo shares for N12.58 billion.
• His total stake has risen to about 12.23 billion shares, or 26.6 percent.
• His First HoldCo holding is now worth approximately N1.61 trillion.

Femi Otedola, chairman of First HoldCo Plc, has further increased his ownership in the financial services group after acquiring an additional 95.69 million shares valued at N12.58 billion.

The latest transaction reinforces Otedola’s position as the company’s largest shareholder and takes his total holding to approximately 12.23 billion shares, representing about 26.6 percent of First HoldCo.

The latest purchase was carried out through Calvados Global Services Limited, Otedola’s investment vehicle.

According to an insider dealing notice filed with the Nigerian Exchange (NGX) Limited on August 24 and signed by Abiola Baruwa, group company secretary of First HoldCo, Calvados acquired 95,699,240 ordinary shares at N131.48 per share.

The transaction, executed on the floor of the NGX, had an aggregate value of N12.58 billion.

The acquisition marks another significant increase in Otedola’s stake in the financial services group as he continues to deepen his investment in the company.

Fresh Purchase Follows N20.7bn Acquisition

The latest transaction came only days after another major share purchase by Otedola.

On August 14, Calvados acquired 147,737,699 First HoldCo shares for approximately N20.68 billion at N140 per share.

That purchase increased Otedola’s holding from about 11.99 billion shares to approximately 12.13 billion shares.

Before the August 14 transaction, Otedola had also purchased about 138.04 million First HoldCo shares valued at roughly N18.11 billion in another August transaction.

These successive purchases show the scale and consistency of Otedola’s investment in the company.

Otedola’s buying spree has extended beyond August, with several large acquisitions disclosed since July.

In July, he acquired about 706.13 million First HoldCo shares for N77.58 billion.

Another purchase involving approximately 1.78 billion shares was also disclosed in July, with the transaction valued at about N222.21 billion.

The purchases have steadily pushed Otedola’s ownership above the 26 percent mark and strengthened his influence within the financial services group.