The Digest:
Billionaire businessman Femi Otedola has expanded his stake in First HoldCo Plc, acquiring 64.87 million shares worth N2.01 billion. The purchase, disclosed in regulatory filings on Wednesday, raises Otedola’s total holding to 16.1 percent, reinforcing his position as the company’s majority shareholder and chairman.
- Otedola bought 39.3 million direct shares valued at N1.2 billion.
- He acquired an additional 25.6 million indirect shares via Calvados Global Services.
- His direct stake now stands at 7.76%, indirect at 8.34%.
- The move increases his total holding from 13.15% to 16.1% in one year.
- This follows the recent sale of over 10 billion shares by Oba Otudeko and Tunde Hassan-Odukale.
- Those shares were acquired by RC Investment, with the intent to divest later.
- First HoldCo is the holding company for First Bank of Nigeria.
- Otedola’s investment signals continued confidence in the financial group’s outlook.
Sources: TheCable Nigeria
