Femi Otedola, chairman of First HoldCo, has increased his stake in the financial services group after acquiring 147.74 million shares through his investment vehicle, Calvados Global Services Limited.
According to a regulatory filing obtained from the Nigerian Exchange (NGX), the shares were acquired for N20.68 billion on August 14.
The notice said Calvados Global Services purchased 147,737,699 ordinary shares at N140 per share.
The transaction increased Otedola’s holding from 11.99 billion shares, representing 26.1 percent of the company, to approximately 12.13 billion shares, or 26.4 percent.
The latest acquisition comes less than two weeks after the billionaire bought another 138.04 million First HoldCo shares for about N18.11 billion.
Otedola has previously said he had invested more than N600 billion of his personal wealth in the bank, describing the investment as a “long-term generational commitment” rather than a turnaround play.
The billionaire has also indicated that he intends to pursue greater control of his investments, amid speculation over whether he could further increase his holding in First HoldCo.
“My investment threshold is always over and above 51 percent,” Otedola had said.
“One of my key investment principles is that firm shareholder control, with due regard to minority interest, is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders.”
The latest purchase comes as First HoldCo’s share price trades at a record level. The stock recently rose to an all-time high of N140 per share, pushing the company’s market capitalisation to N6.37 trillion.
