Femi Otedola has increased his stake in First HoldCo Plc to 21.95% after a related company acquired ₦77.6 billion worth of shares, days after the bank hit a record ₦5 trillion market capitalisation.
Otedola Buys ₦77.6bn First HoldCo Shares, Stake Hits 21.95%
Billionaire Femi Otedola has deepened his stake in First HoldCo Plc after a related entity, Calvados Global Services Limited, acquired 706.13 million ordinary shares worth roughly ₦77.6 billion, Nairametrics reports.
The transaction, disclosed in a Wednesday regulatory filing to the Nigerian Exchange, was priced at ₦109.88 per share and flagged as insider dealing. It lifts Otedola’s combined shareholding to 9,277,792,037 shares, or 21.95% of the company. The purchase follows First HoldCo’s record half-year pre-tax profit of ₦653.54 billion and its milestone as the first Nigerian bank to cross ₦5 trillion in market capitalisation. Sources told Nairametrics Otedola may be targeting a 51% controlling stake, though this remains unverified and unconfirmed by either party.
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