Femi Otedola, the chairman of First HoldCo Plc, has increased his stake in the company with the acquisition of 549.5 million shares valued at N43.41 billion.
The transaction, which further tightens the investor’s
control in the financial institution, was disclosed in an insider dealing
notice on the Nigerian Exchange (NGX) on Wednesday.
According to the notice, the shares were purchased at N79
per unit on May 13, 2026.
The filing showed that the transaction involved a total of
549,535,653 ordinary shares of First HoldCo Plc.
Calvados Global Services Limited, which purchased the
shares, was identified in the disclosure as a company related to Otedola, who
is a significant shareholder and chairman of First HoldCo.
At the transaction price of N79 per share, the acquisition
is valued at approximately N43.41 billion.
The latest purchase increases Otedola’s stake in the
financial services group from 8.05 billion shares disclosed in the company’s
2025 audited accounts to about 8.6 billion shares.
Data from the NGX indicates that the acquisition raises his
stake, strengthening his position as the company’s largest shareholder.
The transaction comes amid heightened investor interest in
First HoldCo shares following the group’s “strong” first-quarter performance.
In December 2025, Otedola acquired additional shares in the
financial holding company worth N14.8 billion, with his stake increasing to
18.12 percent.
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