Otedola acquires 1.78 billion First HoldCo shares, lifts stake to 25.86%

The PunchIndependentCenter3 hr. ago

Billionaire businessman Femi Otedola has significantly increased his stake in First HoldCo Plc by acquiring an additional 1.77 billion shares valued at N222.20 billion. This brings his total shareholding to 11.77 billion shares, representing a 25.88% ownership in the financial institution. This is Otedola's second major investment in the bank within a short period, having previously acquired 706.13 million shares in July. With this latest acquisition, Otedola's total investment in First HoldCo is now estimated at N1.47 trillion, making him the largest individual investor in the bank. The increase in his stake follows First HoldCo becoming Nigeria's most valuable banking stock by market capitalization.

Bias read (Center): The article presents factual information about a private individual's investment in a financial institution without apparent ideological framing or biased language. It focuses on the transactional details and legal requirements related to shareholdings, avoiding commentary on political implications.

Premium Times NigeriaIndependentCenter3 hr. ago

Femi Otedola, chairman of First HoldCo Plc, has increased his stake in the financial services group to 25.86% by acquiring 1.78 billion additional shares worth approximately ₦222.20 billion. This acquisition, made through Calvados Global Services Limited, brings his total holdings to around 11.8 billion shares. The purchase represents 3.91% of the company's outstanding shares and values his stake at roughly ₦1.45 trillion based on recent share prices. Otedola has been gradually increasing his investment in First HoldCo since becoming its largest shareholder in 2021, including previous acquisitions in June and July. The funds raised from these share purchases are intended to support First Bank of Nigeria Limited, the company's main commercial banking subsidiary, as part of a broader strategy to strengthen its balance sheet.

Bias read (Center): The article reports on a corporate transaction involving a significant increase in shareholding by Femi Otedola, who is a prominent businessman and former governor of Lagos State. While Otedola is a notable figure with political connections, the article focuses primarily on the financial aspects of股