Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has further increased his stake in the financial services group after acquiring 147.74 million additional shares valued at N20.7 billion.
The latest transaction was executed on August 14 at N140 per share through Calvados Global Services Limited, an investment vehicle associated with the businessman.
The acquisition brings Otedola’s disclosed share purchases in First HoldCo in 2026 to approximately N412 billion, underscoring his continued push to increase his ownership of the company.
Otedola has been steadily accumulating shares in First HoldCo and has previously indicated his intention to raise his stake in the group beyond 51 per cent.
His buying activity intensified in the second half of the year. In May, he acquired 549.54 million shares for about N43.41 billion, followed by another 672.9 million shares worth N29.6 billion in June through the company’s private placement programme.
In July, Otedola purchased 706.13 million shares for approximately N77.58 billion in a transaction executed on July 22.
Later that month, he made his largest disclosed acquisition, buying 1.78 billion shares at a cost of about N222.21 billion.
He subsequently acquired another 138.04 million shares for N18.11 billion in early August before completing the latest N20.7 billion purchase.
The aggressive accumulation has coincided with a strong performance in First HoldCo’s share price. The stock closed at N140 on August 17 after reaching an intraday high of N150 earlier in the month.
Otedola’s continued acquisition of First HoldCo shares has consequently become a major focus for investors, particularly as the businessman advances towards his stated objective of securing a controlling stake of more than 51 per cent in the financial services group.
