Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has further consolidated his controlling position in the financial services group through a fresh N12.58bn equity transaction.
The insider transaction was formally disclosed in a regulatory filing submitted to the Nigerian Exchange Limited, which was authorised by the Group Company Secretary, Abiola Baruwa.
According to the official notification, Otedola executed the trade through his affiliated investment vehicle, Calvados Global Services Limited. The firm purchased 95,699,240 ordinary shares of First HoldCo Plc (ISIN: NGFBNH000009) at a unit price of N131.48 per share on the floor of the NGX.
The regulatory disclosure highlights an ongoing share accumulation strategy by the chairman on the main board of the local exchange. Emphasising corporate transparency, Baruwa stated in the filing that the publication serves as an “Initial Notification” of insider share dealing to satisfy all standard regulatory disclosure requirements for capital market issuers.
Outlining his strategic intent behind expanding his ownership, Otedola previously stated, “Building a strong, major stake in an institution of this caliber ensures long-term stability and aligns strategic direction directly with sustainable shareholder value.”
This latest acquisition brings Otedola’s total equity holding in First HoldCo to 27.70 per cent, comprising approximately 12.14 billion shares, as he steadily closes in on his long-term ambition of securing majority control of Nigeria’s premier financial institution holding group.
The continuous capital injection follows an aggressive wave of share acquisitions over recent months, including a massive 1.78 billion share buyout in late July, which firmly displaced institutional holders to solidify his position as the single largest shareholder.
The latest market activity serves as a critical insider dealing notification and further cements the chairman’s position as the financial holding group’s principal investor.