The Chairman of First HoldCo Plc, Femi Otedola, has acquired additional shares, valued at ₦14.8 billion, in the financial holding company.
The holding company announced this in a notice late Thursday, signed by the Company Secretary, Abiola Baruwa.
According to the notice filed with the Nigerian Exchange Limited (NGX), the shares were purchased through Calvados Global Services Limited, an investment firm associated with Otedola.
It indicated that Otedola acquired 369,986,122 units of First HoldCo shares at ₦40.06 per share on December 18.
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Pinnacle Daily reported in September this year that the First HoldCo chairman acquired ₦2.01 billion worth of shares, which raised his stake to 16.1 per cent, making him the largest individual shareholder of the company.
READ ALSO: Otedola Raises Stake in First HoldCo to 16%, Acquires ₦2.01bn New Shares
At the time, Otedola’s direct shareholding rose to 3,251,346,245 units or 7.76 per cent, while his indirect holdings rose to 3,491,125,586 units or 8.34 per cent.
The fresh acquisition has now increased his shareholding units to 7,112,457,953.
Otedola had, in May this year, during the First HoldCo 13th Annual General Meeting (AGM) on Thursday, May 22, hinted at his plan to raise his stake to ₦320 billion by 2026.
According to the billionaire businessman, by the time First Holdco’s capital-raising exercise to meet the Central Bank of Nigeria’s recapitalisation requirements is concluded, he would have invested over ₦320 billion in cash, without any borrowing.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
