First HoldCo Plc Chairman Femi Otedola has increased his stake in the financial services group to 27.70% after acquiring an additional 95.7 million shares valued at N12.58 billion.
The latest purchase, made through his investment vehicle Calvados Global Services Limited, brings Otedola closer to the 30% voting-rights level associated with Nigeria’s mandatory takeover-bid rules for public companies.
According to a regulatory disclosure, Calvados acquired 95,699,240 First HoldCo shares at N131.48 per share, with the transaction valued at approximately N12.58 billion. The acquisition increased Otedola’s interest from 27.49% to 27.70%. Following the transaction, Otedola now holds approximately 12.14 billion First HoldCo shares.
The latest transaction is considerably smaller than Otedola’s biggest purchase in the current buying spree, but it is significant because it takes his holding to 27.70%.
N222.2bn Purchase Accelerated Otedola’s Share Accumulation
On July 30, 2026, Calvados acquired approximately 1.78 billion First HoldCo shares at N124.90 per share, in a transaction worth about N222.2 billion lifting Otedola’s stake from approximately 21.96% to 25.88%.
He followed the July acquisition with another purchase of about 138 million shares for N18.11 billion in August before a further acquisition of 147,737,699 shares at N140 each, worth approximately N20.68 billion, subsequently increased his stake to 27.49%.
The latest acquisition of 95.7 million shares has now taken the holding to 27.70% which is a significant increase from the approximately 5.65% stake he held before joining the company’s board in August 2023.
30% Takeover-bid Threshold?
At 27.70%, Otedola is 2.30 percentage points below 30% which can trigger the requirement for a mandatory takeover bid, subject to the applicable regulatory rules and exemptions. Otedola’s current 27.70% position however remains well below the 51% stake he has previously indicated as his longer-term ambition for First HoldCo.
The rapid succession of purchases in recent months has therefore strengthened speculation about how far Otedola intends to take his investment, although the latest purchase itself does not constitute an announcement of a takeover offer.
