By Sabiu Abdullahi
Billionaire businessman and Chairman of First HoldCo, Femi Otedola, has increased his ownership in the financial institution to 21.96 percent after purchasing additional shares worth N77.58 billion.
A share dealing disclosure by an insider, which was filed with the Nigerian Exchange (NGX), showed that Otedola acquired 706.13 million shares through his investment company, Calvados Global Services Limited.
The latest purchase increased his stake in First HoldCo from 20.42 percent to 21.96 percent. It also raised the number of shares under his control from 9.28 billion to 9.99 billion.
Based on the company’s closing share price on Wednesday, the value of Otedola’s total investment in First HoldCo has risen to about N1.04 trillion.
The latest valuation marks a sharp increase from June 18, when his holdings in the company were estimated at N566.43 billion.
The acquisition follows another major investment made by Otedola last month. He bought 680 million shares in First HoldCo through a private placement at a cost of N29.6 billion, further strengthening his position as the company’s largest shareholder.
