First HoldCo Plc Chairman Olufemi Otedola has further strengthened his position after purchasing an additional 138,041,465 ordinary shares worth approximately N18.11 billion through Calvados Global Services Limited taking his stake to approximately 26.2%. The deal which was disclosed in a regulatory filing on the NGX showed that Calvados purchased the shares at N131.20 per share
The latest transaction comes days after Otedola significantly increased his investment in First HoldCo through a series of large share purchases executed by Calvados Global Services. On 30 July 2026, the investment vehicle acquired 1,779,094,976 ordinary shares at N124.90 per share, a transaction valued at approximately N222.21 billion.
The acquisition increased Otedola’s beneficial ownership from 9,983,923,216 shares (21.96%) to 11,763,018,192 shares (25.87%), according to regulatory disclosures. This followed another major acquisition on 22 July 2026, when Calvados purchased 706,131,179 shares valued at approximately N77.6 billion, lifting Otedola’s stake to just under 22%.
Otedola Closing in on Mandatory Takeover Threshold
Under the Investments and Securities Act (ISA) 2025 and the Securities and Exchange Commission (SEC) Rules on Mergers, Takeovers and Acquisitions, any person who acquires 30% or more of the voting rights in a public company is generally required to make a mandatory takeover offer (MTO) to all holders of the voting shares not already owned by the acquirer or persons acting in concert with it.
The mandatory takeover framework is designed to protect minority shareholders by ensuring they have an opportunity to exit their investment when effective control of a listed company changes hands.
Based on Otedola’s estimated holding of about 26.2% following the latest acquisition, he remains roughly 3.8% below the statutory threshold and assuming First HoldCo’s issued share capital remains unchanged and no regulatory exemption applies, Otedola would need to acquire approximately 1.7 billion additional shares before crossing the 30% threshold.
