LAGOS – Nigerian Billionaire investor Femi Otedola has deepened his dominance in First HoldCo Plc, acquiring 1.779 billion ordinary shares worth N222.21 billion in a massive equity transaction on the Nigerian Exchange.
The deal was disclosed in an official regulatory filing submitted to the Nigerian Exchange Group on Thursday by the company’s Company Secretary, Adewale Arogundade.
Executed at N124.90 per share through Calvados Global Services Limited, the transaction raises Otedola’s direct and indirect beneficial shareholding from 21.96% to 25.87%, representing 11.76 billion ordinary shares.
The historic trade comes barely eight days after Otedola poured N77.59 billion into buying 706.13 million shares, bringing his total capital injection into First HoldCo to N299.8 billion within one week.
At 25.87%, the Chairman now sits just 4.13 percentage points away from the 30% statutory threshold that triggers a Mandatory Takeover Offer under Securities and Exchange Commission rules.
The aggressive equity buildup strengthens Otedola’s control following First HoldCo’s recent capital raise and corporate governance restructuring aimed at expanding the group’s market share across West Africa.
