Otedola’s N273.6bn First HoldCo Buying Spree Puts 30% Threshold in Sight

Billionaire investor Femi Otedola has taken his stake in First HoldCo Plc to 27.70 per cent after spending N273.59bn on additional shares, bringing him closer to the 30 per cent ownership threshold for a mandatory takeover offer.

The latest acquisitions were completed through Calvados Global Services Limited and involved four separate transactions carried out over the course of a month.

Otedola began the buying spree with the acquisition of 1.77 billion shares for N222.20bn in late July.

The transaction increased his stake from 21.96 per cent to 25.88 per cent.

He subsequently purchased 138.04 million shares at N131.20 per share for N18.11bn.

The second transaction took his direct ownership to approximately 27.16 per cent.

A third transaction followed in mid-August, involving the purchase of 147.74 million shares at N140 each for N20.70bn.

The final disclosed purchase was 95.7 million shares acquired at N131.48 per share for N12.58bn.

The combined value of the four transactions was N273.59bn, lifting his beneficial ownership to 27.70 per cent.  

The latest increase is significant because of the distance between Otedola’s current position and the 30 per cent regulatory threshold.

Under the provisions cited in the report, an investor who acquires 30 per cent or more of the voting rights in a publicly traded company is required to make a mandatory takeover offer to the remaining shareholders.

Otedola’s latest purchases have therefore placed his next potential acquisition under particular market scrutiny.

The billionaire has been a major shareholder in the company since 2021, when he acquired a 5.07 per cent stake and emerged as its largest single shareholder.

He later became chairman of the board in 2024.

First HoldCo, formerly FBN Holdings Plc, is the parent company of FirstBank and other financial services businesses.

Otedola has said his investment strategy is based on long-term value creation and confidence in the institution’s future.

The latest N273.59bn investment further consolidates his position and leaves the market watching closely for any subsequent changes in his First HoldCo shareholding.