Femi Otedola has increased his stake in First HoldCo after acquiring an additional 95.7 million shares in the financial services group for about ₦12.6 billion.
The shares were purchased on August 24 through Calvados Global Services Limited, a company linked to Otedola, at ₦131.48 per share, according to an insider-dealing notification filed with the Nigerian Exchange.
The latest transaction extends a series of share purchases by Otedola, who is chairman and a significant shareholder of First HoldCo.
The purchase came at a lower price than his previous acquisition earlier this month. On August 14, Calvados bought 147.7 million shares at ₦140 each in a transaction valued at about ₦20.7 billion.
Earlier in August, Otedola also increased his holding through the acquisition of 138 million shares valued at about ₦18.1 billion.
His buying activity had accelerated in July, when Calvados acquired 706.13 million shares worth about ₦77.6 billion before purchasing a further 1.78 billion shares for approximately ₦222.2 billion.
The latest purchase further strengthens Otedola’s position as First HoldCo’s largest shareholder and comes after a period of strong trading in the company’s shares.
First HoldCo’s stock has also experienced recent price volatility after its strong rally earlier in the year, giving investors another point of interest as Otedola continues to increase his exposure to the group.
The transaction keeps attention on First HoldCo’s ownership structure as one of Nigeria’s most prominent investors continues to deepen his investment in the financial services company.
