Prime Business Africa
Femi Otedola, the chairman and majority shareholder of First HoldCo, has increased his stake in the financial institution by buying 369.98 million shares on Thursday, December 18.
According to First HoldCo’s notification of share dealing by an insider, Otedola paid N14,82 billion, according to Prime Business Africa’s analysis, to purchase the 369.98 million shares, which were sold at N40.06 per share.
Join our WhatsApp ChannelThe billionaire bought the shares through his investment vehicle, Calvados Global Services Limited.
Prior to the purchase, Otedola held direct shares of 3.25 billion, representing a 7.76 percent stake, and indirect shares of 3.49 billion, representing an 8.34 percent through Calvados Global.
This indicates the billionaire held a total of 6.74 billion shares, representing 16.1 percent, valued at N267 billion, according to Prime Business Africa’s analysis, as at the end of September, as shown by First HoldCo in its third quarter (Q3) 2025 financial statement.
However, following the acquisition of 369.98 million shares on Thursday, Otedola’s indirect shares increased to 3,86 billion, representing 9.21 percent, valued at N173.55 billion as of Friday, December 19.
Also, his direct shares were valued at N146,14 billion on Friday.
Consequently, Otedola’s total shares held in First HoldCo increased to 7.11 billion, representing 16.97 percent, while the value appreciated to N319.70 billion.
Also, Prime Business Africa notes that Otedola bought the First HoldCo shares after selling 14.49 million Geregu shares in September, October and November.
He sold 1.16 million Geregu shares in September, 4.29 million shares in October, and 4.29 million shares in November to take out N14.89 billion — from his investment in the power-generating company — which is slightly more than the amount used to buy the First HoldCo shares.
Otedola holds N2.16 trillion investment in Geregu as of Friday.
For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: [email protected] and [email protected]
Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
