Femi Otedola, chairman of First HoldCo Plc, has increased his stake in the banking group to 27.49 per cent after acquiring 147.7 million new shares on Monday. The transaction, disclosed in a regulatory filing, was executed through Calvados Global Services Limited at N140 per share, bringing the total value of the purchase to N20.7 billion.
Details of the Share Acquisition
According to the filing signed by the group's Company Secretary, Abiola Baruwa, Mr Otedola purchased 147,737,699 additional shares, representing 0.33 per cent of the company's outstanding shares. This latest acquisition follows a similar purchase about a week ago, when he bought approximately 138 million shares worth N18.1 billion.
With this new purchase, Mr Otedola now holds 12.05 billion shares in First HoldCo, equivalent to 27.49 per cent of the company. Based on the share price of N136.90 as of 4:00 p.m. (WAT) on 17 August, his total shareholding is valued at approximately N1.65 trillion.
Continued Investment Since 2021
Mr Otedola has been steadily increasing his investment in the financial institution since becoming its largest shareholder in 2021. The latest purchase is the second time in August that he has added to his stake, following his acquisition of about 138 million shares worth N18.1 billion earlier in the month.
On 30 July, Mr Otedola also increased his stake by acquiring an additional 1.78 billion shares valued at about N222.2 billion. These transactions highlight his ongoing commitment to the banking group, which continues to attract significant investment from the businessman.
Impact on Shareholding and Market Position
The acquisition solidifies Mr Otedola's position as the largest shareholder in First HoldCo, with a stake of 27.49 per cent. The total value of his shareholding, estimated at N1.65 trillion, underscores the scale of his investment in the financial services sector.
These moves come amid a period of active trading in the banking group's shares, with investors closely watching the activities of major stakeholders. The regulatory filing provides transparency on the transaction, ensuring that the market remains informed about significant changes in shareholding.
