Nigerian billionaire Femi Otedola has moved closer to a 30% ownership stake in First HoldCo, parent company of FirstBank, after acquiring another 95.7 million shares for ₦12.58 billion, approximately $9 million. The purchase, executed through Calvados Global Services Limited at ₦131.48 per share, lifts Otedola’s disclosed interest to about 27.7%, according to Business Insider Africa and Billionaires.Africa.
The latest acquisition extends an aggressive buying spree that has accelerated since July. Otedola purchased about 1.78 billion shares for ₦222.2 billion on July 30, followed by additional purchases in August. Since the end of July, he has added more than 2.1 billion shares, strengthening his position as First HoldCo’s dominant individual shareholder.
Otedola has previously indicated that his long term ambition is to secure more than 51% of First HoldCo, which would give him majority control of the financial services group. FirstBank’s operations extend beyond Nigeria into several African markets and the United Kingdom, making the investment strategically significant beyond the domestic banking market.
The next major milestone is the 30% ownership threshold, which carries regulatory implications for public companies and could bring Otedola closer to a mandatory takeover offer requirement. His continued accumulation also reflects growing investor interest in First HoldCo as its share price and market value have risen sharply this year, turning the bank’s ownership structure into one of the Nigerian capital market’s most closely watched developments.
