Billionaire investor Femi Otedola has deepened his investment in First HoldCo Plc after acquiring an additional 1,779,094,976 shares at N124.90 per share in a transaction valued at N222.21 billion, marking the single largest purchase he has made in the bank.
A regulatory filing with the Nigerian Exchange (NGX) showed that the latest acquisition increased Otedola’s total shareholding from 10,177,494,288 shares to 11,956,589,264 shares.
Based on the company’s issued share capital of approximately 45.5 billion shares, Otedola now owns about 26.3% of First HoldCo, strengthening his position as the lender’s largest shareholder.
At the acquisition price of ₦124.90 per share, his enlarged holding is valued at approximately ₦1.49 trillion, equivalent to about $1.07 billion using an exchange rate of ₦1,390 to the US dollar. It is the first time the value of his stake in a single listed company has crossed the $1 billion mark.
Mandatory Takeover Imminent
The transaction moves Otedola significantly closer to Nigeria’s mandatory takeover threshold. Under the Nigeria’s takeover regulations, any shareholder whose stake exceeds 30% of a listed company must make a mandatory offer to acquire the remaining shares from other shareholders.
With roughly 45.5 billion shares outstanding, that threshold is approximately 13.65 billion shares. Otedola’s current holding of nearly 11.96 billion shares leaves him around 1.69 billion shares short of the trigger.
A further purchase of a similar magnitude would therefore require him to make a mandatory takeover offer for the remaining shares of First HoldCo. However, Otedola has not indicated any intention to pursue full control, consistently describing his acquisitions as a long-term strategic investment.
Steady Accumulation of Shares
His accumulation of First HoldCo shares has accelerated over the past year. He held 6.68 billion shares, representing 15.95%, at the end of June 2025, when the company had 41.88 billion shares in issue. By March 31, 2026, his holding had increased to 8.06 billion shares following the bank’s recapitalisation, which expanded the share capital to 44.45 billion shares.
Three months later, his stake had risen to 9.28 billion shares, after adding about 1.22 billion shares during the second quarter, largely through indirect holdings. Earlier this month, another acquisition through his investment vehicle, Calvados Global Services, pushed his holding beyond the 10 billion-share mark for the first time.
