Femi Otedola, chairman of First HoldCo Plc, has acquired an additional 138 million shares in the financial services group, valued at about ₦18.1 billion.
The transaction was announced on Friday in a regulatory filing signed by the group’s Company Secretary, Abiola Baruwa.
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Mr Otedola acquired an additional 138,041,465 shares at ₦131.2 per share through Calvados Global Services Limited.
The new share purchase represents 0.30 per cent of the company’s outstanding shares, bringing Mr Otedola’s total stake in the financial services group to 27.16 per cent of the company’s issued share capital.
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Mr Otedola now holds approximately 11.9 billion shares in the financial institution, valued at about ₦1.74 trillion based on the company’s share price of ₦146.20 as of 12:35 p.m. (WAT) on 7 August.
The First HoldCo chairman has steadily increased his investment in the company since emerging as its largest shareholder in 2021.
On 30 July, Mr Otedola increased his stake in the financial services group by acquiring an additional 1.78 billion shares, valued at about ₦222.2 billion.
About a week earlier, on 22 July, he acquired 706.1 million shares valued at ₦77.6 billion. This was separate from the 672.9 million shares worth ₦29.6 billion that he purchased in June.
READ ALSO: Femi Otedolas ‘Making It Big’ wins African Business Book of the Year award
The June acquisition was completed during the ₦45 billion second tranche of First HoldCo’s ₦350 billion private placement programme, in which shares were offered at ₦44 per share.
The group said it plans to inject the proceeds from the capital raise into First Bank of Nigeria Limited, its flagship commercial banking subsidiary, as part of its capital restoration and broader balance sheet strengthening programme.
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