Billionaire businessman and Chairman of First HoldCo, Femi Otedola, has significantly deepened his investment in the financial institution after acquiring an additional 1.779 billion ordinary shares worth approximately N222.2 billion .
The acquisition, disclosed in a regulatory filing submitted to the Nigerian Exchange, was executed through his investment vehicle, Calvados Global Services Limited, at N124.90 per share . This latest transaction raises Otedola’s total beneficial shareholding to 11.77 billion shares, representing 25.88% of the company’s issued share capital .
The purchase marks Otedola’s second major investment in First HoldCo this month, following his acquisition of 706.13 million shares valued at N77.58 billion on July 22 . Combined, both transactions represent fresh investments of nearly N300 billion in just over a week .
With his stake now valued at approximately N1.47 trillion, Otedola has further cemented his position as the company’s single largest shareholder . The aggressive accumulation comes as First HoldCo continues its remarkable rally, with the stock gaining more than 120% over the past month, making it one of the best-performing large-cap stocks on the Nigerian Exchange .
The acquisition also brings him closer to the 30% regulatory threshold under the Investments and Securities Act, which would trigger a mandatory takeover offer to remaining shareholders . Market speculators are now questioning whether Otedola is ultimately targeting a controlling stake in the financial institution .