Billionaire investor and First HoldCo Plc Chairman, Olufemi Otedola, has further strengthened his position as the group’s largest shareholder after acquiring an additional 1.779 billion ordinary shares valued at approximately ₦222.2 billion.
According to a regulatory filing submitted to the Nigerian Exchange Limited, the shares were purchased through Calvados Global Services Limited, a company related to Otedola, at ₦124.90 per share. The transaction lifts his total beneficial ownership to 11.76 billion shares, representing 25.87 percent of First HoldCo’s issued share capital. At the prevailing purchase price, the stake is valued at roughly ₦1.47 trillion ($1 billion).
The latest acquisition comes just days after a related purchase of 706.13 million shares for ₦77.6 billion, executed last week by the same investment vehicle. Combined, the two transactions amount to nearly ₦300 billion invested in under two weeks, underscoring Otedola’s continued conviction in the financial holding company.
First HoldCo’s shares have rallied more than 120 percent over the past month, emerging as one of the top-performing large-cap stocks on the Nigerian Exchange. The strong price performance has coincided with robust financial results from the group, reinforcing investor confidence in its outlook.
Otedola, who also serves as Chairman of the Board, has steadily increased his economic interest in First HoldCo in recent periods. The successive large scale purchases signal a deliberate strategy to consolidate control amid the company’s improving fundamentals and rising market valuation.
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