Femi Otedola, the chairman of First HoldCo, has acquired
147.74 million shares in the financial services group through his investment
vehicle, Calvados Global Services Limited.
According to a regulatory filing obtained from the Nigerian
Exchange (NGX), Otedola acquired the shares at a value of N20.68 billion on
Monday.
The notice said the investor purchased about 147,737,699
ordinary shares at N140 per share on August 14.
The transaction increases Otedola’s stake in the financial
services group from 11.99 billion shares (26.1 percent) to 12.13 billion shares
(26.4 percent).
The acquisition comes less than two weeks after the
billionaire bought 138.04 million ordinary shares for about N18.11 billion.
Prior to that, Otedola had said he had invested more than
N600 billion of his personal wealth in the bank, describing the investment as a
“long-term generational commitment” rather than a turnaround play.
Responding to speculation about increasing his stake,
Otedola said his investment philosophy favours majority control.
“My investment threshold is always over and above 51
percent,” the billionaire had 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 bank’s share price had recently rose to an all-time high
of N140 per share, pushing its market capitalisation to N6.37 trillion.
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