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Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial services group after buying additional shares worth N222.20 billion.
The latest purchase, through his investment vehicle, Calvados Global Services Limited, was revealed in a statement filed with the Nigerian Exchange (NGX) on Thursday.
The deal was 1.77 billion shares, which increased Otedola’s stake in First HoldCo from 9.99 billion shares to 11.77 billion shares.
As a result, his ownership increased to 25.88 per cent from 21.96 per cent, according to the filing.
The transaction is Otedola’s second major share purchase in First HoldCo in July, reinforcing his position as the company’s largest individual shareholder.
Otedola on July 22, bought another 706.13 million shares valued at N77.58 billion.
With the latest acquisition added to his previous holdings, Otedola’s total investment in First HoldCo is now estimated at about N1.47 trillion. The latest acquisition also brings his shareholding closer to the 30 per cent level that would trigger a mandatory takeover offer under Nigeria’s capital market rules.
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A shareholder who acquires 30 per cent or more of the voting shares of a listed company is required under the Investments and Securities Act and the rules of the Securities and Exchange Commission (SEC) to make a mandatory offer to the other shareholders to acquire their shares.
Otedola’s latest investment comes as First HoldCo continues to generate strong interest from investors on the Nigerian stock market.
The financial services group has recently surpassed Zenith Bank to become Nigeria’s most valuable banking stock by market capitalisation, after a strong increase in its share price.
Otedola’s increasing stake is being interpreted as an expression of confidence in the long-term prospects of First HoldCo and its ongoing transformation and expansion in Nigeria’s financial services industry.
His latest investment further cements his influence within the group and could keep market attention on whether he will increase his holding further towards the 30 per cent regulatory threshold.
First HoldCo is the holding company for FirstBank Nigeria and other financial service companies within the group.
