Otedola's First HoldCo stake jumps to 25.86% after ₦222bn share purchase
Femi Otedola increased his stake in First HoldCo Plc to 25.86% after buying 1.78 billion additional shares worth ₦222.20 billion through Calvados Global Services Limited. The July 30 purchase at ₦124.90 per share represents 3.91% of the company's outstanding shares, bringing his total holding to 11.8 billion shares. Based on First HoldCo's ₦122.95 share price as of July 30 at 11:24 a.m. WAT, Otedola's stake is now valued at approximately ₦1.45 trillion.
This follows previous purchases: 706.1 million shares for ₦77.6 billion on July 22 (raising his stake to 21.95%) and 672.9 million shares for ₦29.6 billion in June. The June acquisition was part of First HoldCo's ₦350 billion private placement programme, with proceeds earmarked for First Bank of Nigeria Limited's capital restoration and balance sheet strengthening.
As one of Nigeria's largest individual shareholders in a major financial conglomerate controlling First Bank, Otedola's increased stake signals significant consolidation in the banking sector. This development comes as First HoldCo continues to deploy capital to strengthen its flagship banking subsidiary amid industry-wide recapitalization efforts.
With Otedola now controlling over a quarter of First HoldCo, should Nigerians expect enhanced banking sector stability from this consolidation, or concern about reduced competition in Africa's largest banking market?