Banking
First HoldCo Ownership: Otedola acquires N77bn more shares to Boost N1trn Grip
The chairman of First HoldCo, Plc, Femi Otedola, has increased his shareholding in the financial Holding company to 21.96 percent stake.
According to a statement on share dealing by an insider obtained from the Nigerian Exchange (NGX) on Wednesday, Otedola acquired 706.13 million shares to boost his stake from 20.42 percent on Wednesday.
The transaction, valued at N77.58 billion, increased the volume of First HoldCo shares Otedola holds, from 9.28 billion to 9.99 billion shares.
Following the acquisition, made through his investment vehicle, Calvados Global Services Limited, Otedola’s total investment in First HoldCo is now worth N1.04 trillion, based on Wednesday’s closing share price, compared to the N566.43 billion his shares were valued on June 18.
It will be recalled that in June , the investor acquired 680 million shares in the financial institution through a private placement, at a cost of N29.6 billion.