Femi Otedola, chairman of First HoldCo Plc, increases his investment in the company by purchasing additional shares valued at about N222.2 billion. Multiple outlets report that the transaction is for roughly 1.77–1.78 billion shares executed on Thursday at about N124.90 per share, as disclosed through filings with the Nigerian Exchange (NGX). The purchases are linked to Otedola’s investment vehicle, Calvados Global Services Limited. Following the latest acquisition, Otedola’s total holding rises from about 9.99 billion shares to around 11.77 billion shares, lifting his ownership stake to approximately 25.86%–25.88% (some reports round this to 26%). One outlet notes this is Otedola’s second major purchase in July, following a prior acquisition on July 22 of 706.13 million shares worth N77.58 billion. Under Nigerian securities rules, acquiring 30% or more of a company’s voting shares would trigger a mandatory takeover offer to other shareholders, so Otedola’s stake remains below that threshold. The news is reported alongside commentary that First HoldCo is performing strongly in the market.
Otedola buys N222bn more First HoldCo shares, raising stake to about 25.9%
Femi Otedola, chairman of First HoldCo Plc, increases his investment in the company by purchasing additional shares valued at about N222.2 billion. Multiple outlets report that the transaction is for...
- Otedola acquires an additional about 1.77–1.78 billion First HoldCo shares valued at about N222.2 billion.
- The purchases are executed at approximately N124.90 per share and are disclosed via NGX filings.
- Otedola’s total shareholding increases from about 9.99 billion shares to about 11.77 billion shares.
- His ownership stake rises to roughly 25.86%–25.88% (often reported as about 26%).
- The stake remains below the 30% threshold that would trigger a mandatory takeover offer under Nigerian securities rules.
By Peter Egwuatu Femi Otedola, Chairman of First HoldCo Plc, has increased his stake in the financial institution after acquiring additional 1.779 billion shares valued at N222.209 billion. The acquisition was disclosed in a statement signed by the company’s Secretary, Abiola Baruwa, and filed with the Nigerian Exchange Limited (NGX) on Thursday. According to the […] The post Otedola raises FirstHoldco stake to 26% with N222bn share purchase appeared first on Vanguard News.
1 hour agoFemi Otedola acquires N222bn additional First HoldCo shares, increasing his ownership to 25.88%. Learn how Otedola’s investment impacts the bank. Read More: https://punchng.com/just-in-otedola-buys-n222bn-additional-first-holdco-shares-to-boost-stake/
1 hour agoThe new share purchase represents 3.91 per cent of the company's outstanding shares. The post Otedola acquires 1.78 billion First HoldCo shares, lifts stake to 25.86% appeared first on Premium Times Nigeria.
2 hours agoThe new share purchase represents 3.91 per cent of the company's outstanding shares. The post Otedola acquires 1.78 billion First HoldCo shares, lifts stake to 26% appeared first on Premium Times Nigeria.
2 hours agoBillionaire businessman and First HoldCo Plc Chairman Femi Otedola has further strengthened his position as the company’s largest shareholder by acquiring an additional 1.77 billion shares through his investment vehicle, Calvados Global Services Limited.According to a regulatory filing with the Nigerian Exchange (NGX), the transaction — valued at approximately N222.20 billion was executed on Thursday at N124.90 per share. This latest purchase lifts Otedola’s total shareholding from about 9.99 billion to 11.77 billion shares, raising his ownership stake from 21.96% to roughly 25.88%. His investment in the financial holding company is now estimated at around N1.47 trillion. The move marks Otedola’s second significant acquisition in July. On July 22, he purchased 706.13 million shares worth N77.58 billion, continuing his aggressive accumulation of First HoldCo stock amid the company’s strong market performance. First HoldCo recently became Nigeria’s most valuable banking stock by market capitalisation, surpassing Zenith Bank after a sustained rally on the NGX. Under Nigerian securities rules, acquiring 30% or more of a company’s voting shares would trigger a mandatory takeover offer to other shareholders. Otedola’s stake remains below that threshold for now. The developments underscore Otedola’s strong confidence in First HoldCo’s long-term prospects as Nigeria’s oldest financial institution.
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