Olufemi Otedola, chairman of First HoldCo Plc, has acquired an additional 706.1 million shares in the Nigerian lender through his investment vehicle, lifting his total stake to 21.95%.
Calvados Global Services Ltd., a company linked to the billionaire, bought the shares at 109.88 naira each, according to a regulatory filing submitted to the Nigerian Exchange. The transaction is valued at approximately ₦77.6 billion ($47.3 million).
The purchase was executed on Tuesday on the floor of the Nigerian Exchange in Lagos. It marks one of the largest single-day insider buys in the company this year and underscores Otedola’s continued commitment to increasing his influence in the financial services group he chairs.
Otedola, who already ranks among Nigeria’s most prominent investors in the banking sector, has steadily built his position in First HoldCo over multiple transactions in recent years. The latest move comes as the shares have rallied significantly from levels seen in earlier acquisitions.
First HoldCo, the holding company for First Bank of Nigeria, is one of the country’s largest financial institutions.
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