Billionaire businessman Femi Otedola has further increased his ownership in First HoldCo Plc after buying an additional 1.77 billion shares through his investment company, Calvados Global Services Limited.
The latest transaction was valued at ₦222.20 billion and was completed on Thursday, according to a regulatory filing submitted to the Nigerian Exchange.
Following the purchase, Otedola’s holdings in First HoldCo have risen from 9.99 billion shares to 11.77 billion shares. His ownership in the company has consequently increased from 21.96 per cent to 25.88 per cent.
The latest acquisition is Otedola’s second major purchase of First HoldCo shares this month. On July 22, he bought another 706.13 million shares for ₦77.58 billion.
The fresh investment further strengthens his position as the largest shareholder in the financial institution.
With the latest purchase, the value of Otedola’s stake in First HoldCo is estimated at about ₦1.47 trillion, making him the company’s biggest individual investor.
However, his growing stake is still below the 30 per cent threshold that triggers a mandatory takeover offer under Nigeria’s securities regulations.
Under the Investments and Securities Act and the Securities and Exchange Commission’s rules governing mergers and acquisitions, an investor who acquires 30 per cent or more of the voting shares of a publicly listed company must make a mandatory offer to other shareholders.
Otedola’s latest move comes shortly after First HoldCo became Nigeria’s most valuable listed banking stock by market capitalisation.
The financial institution overtook Zenith Bank after a strong rise in its share price on the Nigerian Exchange, further increasing investor interest in the company.
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