By Peter Egwuatu
Femi Otedola, the prominent chairman and major investor in First HoldCo Plc, has expanded his ownership in the company by acquiring an additional 64,878,668 shares, with a total value of approximately N2.01 billion.
FBN Holdings revealed this transaction through two separate filings, complying with the Nigerian Exchange Limited (NGX) post-listing disclosure requirements.
Details from the filings, signed by Adewale L.O Arogundade, the Company Secretary, indicate that on September 23, 2025, Otedola directly purchased 39,313,379 shares at a price of N31 each, amounting to N1.22 billion.
On the same date, he also acquired 25,565,289 shares valued at N792.5 million via Calvados Global Services Limited, further boosting his holdings.
As a result, Otedola’s direct shareholding now totals 3,251,346,245 shares, equivalent to 7.76% ownership, while his indirect stake has grown to 3,491,125,586 shares, representing 8.34% of the company.
Combined, this elevates Otedola’s total interest in First HoldCo to 16.1%, a notable increase from the 13.15% he held in September 2024.
This recent acquisition follows a significant divestment by Oba Otudeko, founder of Barbican Capital Limited and chairman of Honeywell Group, alongside Tunde Hassan-Odukale, Leadway Assurance’s group managing director, who collectively sold over 10 billion shares in First HoldCo just three months prior.