OTEDOLA’S FIRST HOLDCO STAKE HITS 21.96% AFTER FRESH ACQUISITION
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By: Fasasi Hammad
Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the company to 21.96 per cent after acquiring an additional 706.13 million shares valued at N77.58 billion.
The latest acquisition was disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX). The transaction increased the number of shares under Otedola’s control from 9.28 billion to 9.99 billion.
The shares were purchased through his investment vehicle, Calvados Global Services Limited.
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Following the acquisition, the value of Otedola’s holdings in First HoldCo rose to approximately N1.048 trillion, based on the company’s closing share price of N105 on Wednesday. This represents a significant increase from the N566.43 billion valuation of his stake as of June 18, 2026.
The development comes weeks after Otedola acquired 680 million shares in First HoldCo through a private placement worth N29.6 billion, further strengthening his position in the financial institution.
The insider transaction occurred just a day after First HoldCo became the first Nigerian banking stock to surpass a N5 trillion market capitalisation during intraday trading, underscoring its status as one of the country’s most valuable listed banking groups.
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