Billionaire business mogul Femi Otedola has boosted his interest in First HoldCo Plc by acquiring 1.77 billion shares through his investment vehicle, Calvados Global Services Limited.
According to a regulatory filing acquired from the Nigerian Exchange (NGX), the N222.20 billion transaction took place on Thursday.
The current transaction increases Otedola’s shareholding in First HoldCo from 9.99 billion to 11.77 billion shares, bringing his ownership interest from 21.96 per cent to 25.88 per cent.
The purchase is Otedola’s second substantial investment in the bank since July. On July 22, he bought 706.13 million shares worth N77.58 billion, bolstering his position as the company’s top stakeholder.
With the new deal, Otedola’s ownership in First HoldCo is now valued at N1.47 trillion, making him the financial institution’s single largest shareholder.
Under the Investments and Securities Act and the Securities and Exchange Commission’s mergers and acquisitions guidelines, any shareholder who acquires 30% or more of the voting shares of a publicly traded firm must make an obligatory takeover offer to the remaining shareholders.
Otedola’s additional investment comes only weeks after First HoldCo became Nigeria’s most valuable banking company by market capitalisation, surpassing Zenith Bank after a prolonged rise in its share price on the Nigerian Exchange.
