Femi Otedola acquires additional N222bn shares in First HoldCo

Femi Otedola, chairman of First HoldCo, has acquired an additional 1.77 billion shares in the financial institution through his investment vehicle, Calvados Global Services Limited.

According to a statement from the Nigerian Exchange (NGX), the shares were purchased on Thursday at a total value of N222.20 billion.

The latest acquisition increased Otedola’s total shareholding from 9.99 billion shares to 11.77 billion shares. Consequently, his stake in the company rose from 21.96 percent to 25.88 percent, bringing him closer to the regulatory threshold that could trigger a mandatory takeover offer.

This marks Otedola’s second major share purchase in July, following an earlier acquisition of 706.13 million shares valued at N77.58 billion on July 22.

With these investments, Otedola’s total stake in First HoldCo is now valued at approximately N1.47 trillion, making him the largest single investor in the financial institution.

Under the Investments and Securities Act, as well as the Securities and Exchange Commission (SEC) regulations on mergers and acquisitions, any shareholder who acquires 30 percent or more of the voting shares in a public company is required to make a mandatory takeover offer to other shareholders.

The development comes shortly after First HoldCo surpassed Zenith Bank to emerge as Nigeria’s most valuable banking stock on the Nigerian Exchange, driven by a sustained rally in its share price.