Investor Femi Otedola has further tightened his hold on First HoldCo Plc, acquiring an additional 1.78 billion shares of the financial group worth roughly N222.2 billion, according to a regulatory filing to the Nigerian Exchange (NGX).
The transaction, executed on Thursday through his investment vehicle Calvados Global Services Limited, was priced at N124.90 per share and covered 1,779,094,976 ordinary shares, according to the disclosure.
The purchase pushes Otedola's total stake in First HoldCo from about 9.99 billion shares to roughly 11.77 billion, lifting his ownership from 21.96 percent to approximately 25.88 percent of the bank's issued share capital.
His holding in the group is now valued at close to N1.47 trillion, cementing his position as First HoldCo's single largest shareholder.
It is Otedola's second major share acquisition in July alone.
On July 22, Calvados Global Services bought 706.13 million shares worth N77.58 billion, a purchase that took his stake to about 21.95 percent.
The latest move puts Otedola within striking distance of the regulatory threshold that triggers a mandatory takeover offer.
Under the Investments and Securities Act and Securities and Exchange Commission rules on mergers and acquisitions, any investor who crosses 30 per cent ownership of a publicly listed company's voting shares must extend a takeover bid to other shareholders.
Otedola's continued buying spree comes weeks after First HoldCo overtook Zenith Bank to become Nigeria's most valuable banking stock by market capitalisation, on the back of a sustained rally in its share price on the NGX.
The chairman's accumulation this year has included a string of earlier purchases, including a N43.4 billion buy in May 2025 and smaller tranches acquired through First HoldCo's private placement programme.
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