Otedola surges stake in First HoldCo by N2.01bn
Femi Otedola, a significant shareholder and chairman of First HoldCo Plc, has increased his stake in the company with the acquisition of an additional 64,878,668 shares valued at N2,011,238,708.
FBN Holdings revealed the acquisition in two separate documents as required by the post-listing requirement of the Nigerian Exchange Limited, NGX.
According to the documents, signed by Adewale L. O. Arogundade, the Company Secretary, Otedola purchased 39,313,379 shares at N31 per share, valued at N1,218,714,749 on September 23, 2025.
On the same day, Otedola acquired an additional 25,565,289 shares, valued at N792,523,959, through Calvados Global Services Limited.
Consequently, Otedola’s direct shareholding has increased to 3,251,346,245 units, representing 7.76%. His indirect holdings now stand at 3,491,125,586 units, representing 8.34%.
Otedola now holds a 16.1% stake in First HoldCo, compared to the 13.15% recorded in September 2024.
Otedola’s new stake holdings comes almost three months after Oba Otudeko, the founder of Barbican Capital Limited and chairman of Honeywell Group, and Tunde Hassan-Odukale, group managing director of Leadway Assurance, sold over 10 billion shares held in First HoldCo.
