Nigerian billionaire Femi Otedola has further tightened his grip on First HoldCo Plc, acquiring an additional 138 million shares valued at approximately ₦18.1 billion.
The transaction, executed through his investment vehicle Calvados Global Services Limited, was confirmed in a regulatory filing submitted to the Nigerian Exchange (NGX) and signed by Group Company Secretary Abiola Baruwa.
The latest share purchase involves 138,041,465 ordinary shares bought at ₦131.22 per share. The move increases Otedola’s total holding in the financial services group to roughly 11.9 billion shares, elevating his ownership stake from 26.86 percent to approximately 27.16 percent of the company’s issued share capital.
The fresh acquisition continues a rapid string of capital injections by Otedola, who serves as the chairman of First HoldCo.
Just days prior, a major regulatory disclosure revealed a massive ₦222.2 billion share acquisition on July 30, which followed earlier block purchases in July and June. The billionaire investor has aggressively capitalized on strategic private placements and open market trades as First HoldCo advances its balance sheet strengthening and capital restoration programs.
Market analysts note that Otedola’s ongoing accumulation brings him closer to the critical 30 percent ownership threshold. Under Nigerian securities regulations, crossing this limit triggers a mandatory takeover offer requirement, underlining the scale of his long-term consolidation strategy.
The company’s group management emphasized that the broader capital raise and steady influx of private capital are directed toward shoring up the liquidity and operational capacity of its flagship commercial banking subsidiary, First Bank of Nigeria Limited.
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