Prime Business Africa
Femi Otedola, the chairman of First HoldCo, has tightened his control over the financial institution by increasing his shareholding in the company.
Otedola spent N43.41 billion to acquire 549.53 million shares of First HoldCo through Calvados Global Services Limited, his investment vehicle, on Wednesday.
Join our WhatsApp ChannelThe billionaire has been increasing his shareholding in First HoldCo since 2025, when he acquired 3,82 billion shares, according to the company’s audited financial statements for last year.
According to the analysis of his shareholding, the acquisition increased the number of shares Otedola held last year to 8.05 billion, from 4.23 billion held as at the end of 2024.
The recent acquisition increased his shareholding to 8.60 billion shares, valued at N612.66 billion, which is N219.56 billion higher than the N393,09 billion his investment was valued at the start of this year.
Otedola pumped the N43.41 billion into First HoldCo at a time the company is seeking investment from private investors and existing shareholders to boost its capital base.
First HoldCo, on May 8, announced plans to raise N253.09 billion through public offering, private placement, rights issue, bonus issues, and scrip dividend in the Nigerian or international capital markets.
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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.
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