Billionaire businessman Femi Otedola has increased his ownership in First HoldCo after acquiring an additional 1.77 billion shares through his investment company, Calvados Global Services Limited.
A disclosure filed with the Nigerian Exchange (NGX) on Thursday showed that the transaction was valued at N222.20 billion.
The latest acquisition raised Otedola’s total shareholding in First HoldCo from 9.99 billion shares to 11.77 billion shares. His equity stake also increased from 21.96 per cent to 25.88 per cent.
The purchase marks his second major investment in the company this month. On July 22, he acquired 706.13 million shares valued at N77.58 billion, further strengthening his position as the institution’s largest shareholder.
Following the latest transaction, Otedola’s total investment in First HoldCo is now estimated at N1.47 trillion, making him the biggest investor in the financial services group.
Under the Investments and Securities Act as well as the Securities and Exchange Commission (SEC) rules governing mergers and acquisitions, any shareholder who acquires 30 per cent or more of the voting shares of a publicly listed company is required to make a mandatory takeover bid to the remaining shareholders.
The development comes only weeks after First HoldCo emerged as Nigeria’s most valuable banking stock on the Nigerian Exchange, overtaking Zenith Bank following a strong rally in its share price.