Otedola boosts First HoldCo stake to 27.49% with N20.7 billion share buy

Femi Otedola, the chairman of First HoldCo Plc, bought 147.7 million new shares in the banking group on Monday. This raised his stake in the company to 27.49 percent.

The transaction was shared in a regulatory filing signed by the company’s Secretary, Abiola Baruwa. Mr Otedola purchased 147,737,699 more shares at N140 each.

These new shares make up 0.33 percent of the company’s total shares. He bought them through Calvados Global Services Limited, and the deal was worth N20.7 billion.

After this purchase, Mr Otedola now owns a total of 12.05 billion shares in the financial institution. This is about 27.49 percent of the company.

The total value of his shares in the company is around N1.65 trillion. This is based on the share price of N136.90 as of 4:00 p.m. (WAT) on August 17.

Mr Otedola has been increasing his investment in the financial institution since he became its largest shareholder in 2021.

This recent buy is the second time in August that Mr Otedola has upped his stake. About a week ago, he acquired around 138 million shares in the financial services group for about N18.1 billion.

On July 30, Mr Otedola increased his stake even further by buying an additional 1.78 billion shares valued at about N222.2 billion.