Femi Otedola has taken another step towards increasing his ownership of First HoldCo Plc, buying 147.74 million shares for N20.68 billion as his latest acquisition pushes his stake closer to the 30 per cent threshold that is central to Nigeria’s takeover rules.
The purchase, executed through Calvados Global Services Limited, was made at N140 per share on August 14 and disclosed by First HoldCo in an insider-dealing notification filed with the Nigerian Exchange.
The transaction puts Otedola’s disclosed ownership in the high-20 per cent range, according to reports based on the latest regulatory filing, leaving him only a few percentage points from the 30 per cent threshold.
First HoldCo’s share count has changed during the year as the group has raised capital. ProShare reported 45.48 billion outstanding shares when Otedola’s July 22 purchase lifted his stake to 21.95 per cent.
Following the July 30 acquisition of 1.779 billion shares, reports based on the regulatory filing put Otedola’s holding at roughly 11.8 billion shares and about 25.9 per cent of the company.
The latest purchase represents another 0.33 per cent of First HoldCo’s outstanding shares, and takes Otedola’s reported stake to about 27.5 per cent.
At that level, he would be roughly 2.5 percentage points from 30 per cent, although the precise distance depends on the company’s latest issued-share figure and the treatment of shares held directly or indirectly.
The filing confirms the transaction itself; the percentage stake reported by news organisations reflects the shareholding position calculated from the available corporate disclosures. The August 17 filing does not itself state a new aggregate ownership percentage.
Under Nigeria’s takeover framework, a person who acquires shares which, together with shares held or acquired by persons acting in concert with them, carry 30 per cent or more of a public company’s voting rights may be required to make a takeover bid.
The distinction is important: a stake below 30 per cent does not mean Otedola has taken control of First HoldCo, nor does the latest filing indicate an intention to launch a takeover. It means his ownership is moving closer to a regulatory threshold with consequences for future purchases.
In May, Calvados acquired 549.54 million shares at an average N79 each, a transaction worth about N43.41 billion. That lifted Otedola’s holding from 18.12 per cent at the end of 2025 to about 19.35 per cent, according to reports on the transaction.
In June, he acquired another 672.9 million shares through First HoldCo’s private placement at N44 per share, investing about N29.6 billion and taking his interest to approximately 20.42 per cent.
On July 22, Calvados acquired 706.13 million shares for about N77.59 billion at N109.88 per share, pushing Otedola’s interest to 21.95 per cent.
Just eight days later, Calvados bought another 1.779 billion shares at N124.90 per share in a transaction worth about N222.21 billion. That took his reported ownership to roughly 11.8 billion shares, or 25.86 per cent.
The August transaction now adds another N20.68 billion.
Taken together, the four acquisitions disclosed since May, before the latest purchase, were worth about N393.5 billion before the latest N20.68 billion transaction, that takes the disclosed purchases during the period amount to roughly N414.2 billion.