Billionaire businessman and Chairman of FirstHoldco, Femi Otedola, has increased his ownership in the financial services group after acquiring an additional 1.779 billion shares valued at approximately N222.21 billion.
The latest acquisition, disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX) by the company’s Secretary, Abiola Baruwa, was executed through Otedola’s investment firm, Calvados Global Services Limited.
According to the filing, Otedola purchased 1,779,094,976 ordinary shares at N124.90 per share, significantly increasing his stake in the parent company of First Bank.
Following the transaction, his direct shareholding rose from 9.99 billion shares to 11.77 billion shares. When combined with his indirect holdings, Otedola’s total ownership in FirstHoldco has increased from 21.96 percent to approximately 26 percent.
The purchase marks Otedola’s second major investment in FirstHoldco in July 2026. Earlier in the month, on July 22, he acquired 706.13 million shares worth about N77.58 billion, further consolidating his position in the company.
With the latest transaction, Otedola’s total investment in FirstHoldco is now valued at about N1.47 trillion, making him the largest shareholder in the financial institution.
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