Otedola Raises First HoldCo Stake to 25.88% with N222.2 Billion Share Purchase

Otedola’s First HoldCo stake increased to 25.88 per cent on Thursday after billionaire investor Femi Otedola acquired an additional 1.77 billion shares in First HoldCo Plc worth N222.20 billion, according to a regulatory filing on the Nigerian Exchange (NGX).

The transaction, executed through Calvados Global Services Limited, raises Otedola’s total shareholding from 9.99 billion shares to 11.77 billion shares, cementing his position as the financial institution’s largest shareholder.

The latest investment follows another major acquisition completed on July 22, when Otedola purchased 706.13 million shares valued at N77.58 billion, increasing his stake in the lender.

With the new purchase, Otedola’s cumulative investment in First HoldCo is estimated at approximately N1.47 trillion, underscoring growing investor confidence in the banking group’s long-term prospects.

The latest acquisition also brings Otedola closer to the 30 per cent ownership threshold that could trigger a mandatory takeover offer under Nigeria’s capital market regulations.

Under the Investments and Securities Act and the Securities and Exchange Commission (SEC) Rules on Mergers, Takeovers and Acquisitions, any shareholder that acquires 30 per cent or more of the voting shares of a publicly listed company is required to make a mandatory offer to purchase the remaining voting shares held by other shareholders.

At 25.88 per cent, Otedola remains below the regulatory threshold.

The increased investment comes after First HoldCo recently emerged as Nigeria’s most valuable banking stock by market capitalisation, overtaking Zenith Bank following sustained gains in its share price on the Nigerian Exchange.

Market analysts have linked the rally in the bank’s valuation to renewed investor confidence, improved corporate governance, and expectations of stronger earnings performance.

Otedola has continued to expand his influence within First HoldCo since becoming a major shareholder, with investors closely watching future developments regarding the group’s ownership structure and strategic direction.