Femi Otedola, major shareholder and chairman of First HoldCo Plc, has expanded his stake in the company with the acquisition of 64.87 million shares valued at N2.01 billion.
FBN Holdings announced the acquisition in two separate regulatory filings on the Nigerian Exchange Limited (NGX) on Wednesday.
According to the disclosure, Otedola purchased 39.3 million direct shares on September 23, worth N1.2 billion.
On the same day, the billionaire acquired an additional 25.6 million indirect shares, valued at N793.6 million, through Calvados Global Services Limited.
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The shares increased Otedola’s direct shareholding to 3,251,346,245 units (7.76 percent), while his indirect holdings now stand at 3,491,125,586 units (8.34 percent).
Otedola now holds a 16.1 percent stake in First HoldCo, compared to the 13.15 percent recorded in September 2024.
The businessman’s recent investment comes almost three months after Oba Otudeko, the founder of Barbican Capital Limited and chairman of Honeywell Group, and Tunde Hassan-Odukale, group managing director of Leadway Assurance, sold over 10 billion shares held in First HoldCo.
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The shares were acquired by RC Investment, but the identity of the beneficial owner was not disclosed.
However, on August 4, Wale Oyedeji, managing director of First HoldCo, said RC Investment will divest the shares. saying the company was holding the shares “temporarily”.
