Otedola raises First HoldCo stake with fresh N20.7bn purchase

BILLIONAIRE businessman Femi Otedola has deepened his investment in First HoldCo Plc with the acquisition of an additional 147.74 million shares worth N20.7 billion.

The latest transaction was completed on August 14 at N140 per share through Calvados Global Services Limited, an investment vehicle associated with Otedola.

The purchase takes the value of his disclosed acquisitions in First HoldCo this year to approximately N412 billion, as he continues to increase his ownership of the financial services group.

Otedola, who is chairman of First HoldCo, has previously disclosed his intention to raise his stake in the company above 51 percent, signalling his ambition to secure majority control.

READ ALSO: Otedola plans deeper First HoldCo bet, says personal investment tops N600bn

His aggressive accumulation has gathered pace in recent months. In May, he purchased 549.54 million shares for N43.41 billion, followed by the acquisition of 672.9 million shares valued at N29.6 billion through the company’s private placement in June.

In July, Otedola bought another 706.13 million shares for approximately N77.58 billion in a transaction executed on July 22.

He followed that purchase later in the month with his largest disclosed acquisition, taking up 1.78 billion shares at a cost of about N222.21 billion.

The businessman made another major purchase in early August, acquiring 138.04 million shares for N18.11 billion before completing the latest N20.7 billion transaction.

Otedola’s sustained buying has coincided with a strong performance by First HoldCo on the Nigerian Exchange.

The company’s shares closed at N140 on August 17, after reaching an intraday high of N150 earlier in the month. The stock has risen about 192 percent year-to-date from its 52-week low of N29.25.

The continued share accumulation has placed Otedola’s ownership strategy among the key developments being monitored by investors, particularly given his stated goal of crossing the 51 percent threshold.

Beyond its impact on his ownership position, the scale of the purchases reflects Otedola’s continued confidence in First HoldCo and his longer-term outlook for the group.