Nigeria: Otedola Acquires Additional 138 Million First Holdco Shares Worth ₦18.1 Billion

What the report says

Femi Otedola, chairman of First HoldCo Plc, has increased his position in the Nigerian financial services group with the purchase of an additional 138,041,465 shares, according to a regulatory filing reported by Premium Times and distributed by AllAfrica. The shares were bought through Calvados Global Services Limited at ₦131.2 each, putting the transaction value at roughly ₦18.1 billion.

The report said the new purchase lifts Otedola’s holding to about 11.9 billion shares, or 27.16% of the company’s issued share capital. Based on First HoldCo’s share price of ₦146.20 at about 12:35 p.m. WAT on 7 August, that stake was valued at about ₦1.74 trillion. The filing was signed by the group’s company secretary, Abiola Baruwa.

Premium Times noted that this is the latest in a series of acquisitions by Otedola, who became the company’s largest shareholder in 2021. The article said he bought 1.78 billion shares on 30 July, 706.1 million shares on 22 July, and 672.9 million shares in June.

The purchases come as First HoldCo continues a capital-raising effort aimed at supporting First Bank of Nigeria Limited, its main banking subsidiary. In general, such moves can signal sustained investor confidence and are also relevant because they affect control and ownership in a major Nigerian financial group.