Businessman and Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial services group after acquiring an additional 1.78 billion shares worth about ₦222.2 billion.
The shares were acquired through Calvados Global Services Limited, an investment company linked to Otedola. The purchase involved 1,779,094,976 ordinary shares at ₦124.90 each, bringing the total value of the transaction to approximately ₦222.21 billion.
First HoldCo disclosed the acquisition in a filing with the Nigerian Exchange Limited (NGX) on Thursday, identifying Calvados Global Services Limited as a company related to Otedola, who is the company’s chairman and one of its largest shareholders.
The company said the disclosure was made in line with NGX Listing Rules, which require listed companies to notify the market whenever directors, major shareholders or their related entities buy or sell shares.
The latest acquisition further strengthens Otedola’s position in First HoldCo and signals his continued investment in the company as it seeks to strengthen its market position and deliver value to shareholders.