Femi Otedola increases First HoldCo stake to 27.49%

Femi Otedola, chairman of First HoldCo Plc, has increased his stake in the banking group to 27.49 per cent following a recent purchase of 147.7 million shares. The transaction, valued at N20.7 billion, was executed at N140 per share through Calvados Global Services Limited.

This acquisition is part of a significant trend of investment by Otedola throughout the year. His disclosed share purchases in the company for 2024 have exceeded N400 billion. Previous major acquisitions include 1.78 billion shares in July and additional purchases in May and June.

Otedola has been steadily building his position since becoming the largest shareholder in 2021, with a stated ambition to eventually raise his ownership beyond 51 per cent. The continued accumulation comes amid a rally in First HoldCo’s share price.