Nigerian billionaire, Femi Otedola, don move closer to 30% ownership for First HoldCo after another multimillion-dollar share buy. Di transaction, wey happen through Calvados Global Services Limited, involve 95.7 million shares at ₦131.48 each. According to regulatory disclosure wey dem file with Nigerian Exchange on Monday, di deal worth ₦12.58 billion, approximately $9 million. Di latest purchase don increase im interest from 27.49% go 27.70%.
With this new buy, Otedola now control about 12.14 billion shares for First HoldCo, di parent company of FirstBank. E don also bring am one step closer to di 30% mark, less dan one month after series of big transactions wey rapidly expand im ownership of di financial services group. Di latest transaction na small compared to some of im recent purchases, but e still show say Otedola no dey relent for im aggressive accumulation.
For July 30, Calvados Global Services acquire about 1.78 billion First HoldCo shares at ₦124.90 each. Dat one worth ₦222.2 billion, roughly $160 million at dat time. E raise im interest from 21.96% go about 25.88%. E continue buy since then. On August 6, e acquire another 138 million shares for ₦18.11 billion. Anoda transaction wey involve 147.7 million shares worth ₦20.7 billion follow on August 17, wey lift im stake to 27.49%. Now, di latest 95.7 million-share purchase take am to 27.70%.
Di whole transactions show how di billionaire don dey consolidate im position quickly. Since end of July alone, Otedola don add more than 2.16 billion First HoldCo shares through major transactions wey di company disclose. From 5.65% wey e hold before joining di board for August 2023, im stake don rise almost five-fold. Im total investment for First HoldCo don exceed ₦600 billion over di years, while major disclosed purchases for 2026 alone don run into hundreds of billions of naira.
Di strategy don make am di dominant individual shareholder for di financial group. E also don transform di ownership structure surrounding FirstBank, one of Nigeria’s oldest and biggest commercial banks. Otedola become chairman of First HoldCo for January 2024 and don previously indicate say im investment strategy follow pattern wey e use for some of im other businesses – build substantial position before eventually seeking control. E don cite 51% stake as im longer-term ambition for First HoldCo. At 27.70%, e still dey far from dat threshold, but im repeated purchases don continue to close di gap.
Di stakes pass beyond ownership of one Nigerian bank. First HoldCo dey above FirstBank, wey get operations for several African markets and United Kingdom. Di banking group get subsidiaries for Ghana, Guinea, Sierra Leone, Senegal, The Gambia and Democratic Republic of Congo, wey give Otedola’s growing investment footprint across several African economies. FirstBank don also dey pursue expansion outside im home market. Dat one make control of First HoldCo strategically significant pass di value of im Nigerian operations alone. For Otedola, wey build much of im fortune for energy before expanding into banking and power, First HoldCo don become one of im most significant investments. Im latest ₦12.58 billion purchase fit small compared to di ₦222.2 billion transaction wey e complete for July.
