First HoldCo Chairman Olufemi Otedola has acquired an additional ₦2.01 billion shares, raising his stake to 16.1 per cent to remain the largest individual shareholder of the company.
The acquisition now increased his shareholding units to 6,742,471,831 of the company’s issued share capital of 41,877,841,590 units.
In a corporate disclosure dated Wednesday, September 24, to the Nigerian Exchange Limited (NGX), First HoldCo stated that Otedola purchased the ₦2.01 billion new shares in two transactions executed on September 23.
The insider dealing reveals Otedola acquired 39,313,379 units of direct shares at ₦31, amounting to ₦1.22 billion, and indirect shares of 25,565,289 units at ₦31, also approximated at ₦792.52 million through Calvados Global Services Limited, a company related to him.
READ ALSO: Otudeko, Odukale Exit First HoldCo in Major Shake-Up
Check on First HoldCo’s half-year financial results put Otedola’s shareholding at 3,212,032,866 units or 7.67 per cent direct stake and 3,465,560,297 units or 8.28 per cent indirect stake as of June 30, 2025.
With these recent acquisitions, Otedola’s direct shareholding has now risen to 3,251,346,245 units or 7.76 per cent, while his indirect holdings stand at 3,491,125,586 units or 8.34 per cent.
Pinnacle Daily reports that First HoldCo’s share price opened on Wednesday at ₦30.70 and gained 0.30k to close at ₦31 at the end of the day’s trading on the NGX.
With his total shareholding now amounting to 6,742,471,831 units, Otedola now have approximately ₦209.02 billion share value in the company.
READ ALSO: Pressure Mounts on Nigerian Tier-2 Banks as Mergers Loom
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.
“We will raise the capital required well ahead of the Central Bank’s deadline – that, I can assure you,” Otedola told investors.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
