Femi Otedola, the billionaire chairman of First HoldCo Plc, has once again moved to strengthen his commanding position in the financial services powerhouse, acquiring an additional 138 million shares in a transaction valued at approximately ₦18.1 billion. The purchase was formally announced on Friday via a regulatory disclosure filed by Abiola Baruwa, the group’s Company Secretary, confirming that the investor’s relentless accumulation of the banking group’s equity shows no signs of slowing.
The Numbers Behind the Move
Otedola, channeling the acquisition through his investment entity Calvados Global Services Limited, secured 138,041,465 shares at a price of ₦131.2 per unit. The transaction accounts for 0.30 percent of the company’s total outstanding shares and elevates his overall holding in the financial services group to 27.16 percent of the issued share capital.
With this latest addition, Otedola’s war chest now contains approximately 11.9 billion shares in the institution, valued at roughly ₦1.74 trillion based on the company’s prevailing share price of ₦146.20 as recorded at 12:35 p.m. (WAT) on August 7.
A Methodical Accumulation Strategy
Since first emerging as the company’s largest shareholder in 2021, the First HoldCo chairman has pursued a disciplined and aggressive accumulation strategy. His recent acquisition spree underscores the scale of his ambition:
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July 30: A blockbuster purchase of 1.78 billion shares valued at approximately ₦222.2 billion.
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July 22: A significant buy of 706.1 million shares worth ₦77.6 billion.
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June: The acquisition of 672.9 million shares valued at ₦29.6 billion.
The June transaction was executed during the ₦45 billion second tranche of First HoldCo’s broader ₦350 billion private placement initiative, which offered shares at ₦44 each—providing Otedola with a favorable entry point before the stock’s subsequent rally.
Otedola’s persistent buying spree signals his confidence in the long-term prospects of First HoldCo and its flagship subsidiary, First Bank of Nigeria Limited. Market observers view his escalating stake as a move toward eventual majority ownership, aligning with his stated investment philosophy of securing controlling positions in enterprises he backs. The accumulation also comes as First HoldCo’s market valuation has surged past ₦6 trillion, reflecting renewed investor optimism in Nigeria’s banking sector.
