Key Takeaways
- Femi Otedola acquired 1.779 billion shares of First Bank's parent company, valued at billions.
- The purchase was made through his investment vehicle, Calvados Global Services Limited.
- Otedola's stake in the company has increased to approximately 26%.
Femi Otedola, Chairman of First HoldCo, the parent company of First Bank, has made a significant investment in the company by acquiring an additional 1.779 billion shares. According to a statement released by the company's secretary, Abiola Baruwa, the shares were purchased through Otedola's investment vehicle, Calvados Global Services Limited, at a price of N124.90 per share.
The acquisition marks Otedola's second major purchase in July 2026, following his purchase of 706.13 million shares, worth N77.58 billion, on July 22, 2026. This latest investment has increased Otedola's shareholding in First HoldCo from 9.99 billion shares to 11.77 billion, with his indirect stakes bringing his total stake in the company to approximately 26%.
Implications of the Acquisition
Otedola's investments in the financial group now stand at N1.47 trillion, making him the highest investor in the financial institution. This significant investment is expected to have a positive impact on the company's operations and growth prospects. With Otedola's increased stake, he is likely to have more influence over the company's strategic decisions and direction.
The acquisition is also a testament to Otedola's confidence in the company's potential and his commitment to its growth and development. As one of the largest investors in the company, Otedola is well-positioned to play a key role in shaping the company's future.
In conclusion, Femi Otedola's acquisition of additional shares in First Bank's parent company is a significant development that is expected to have far-reaching implications for the company and its stakeholders. With his increased stake, Otedola is likely to have a more significant impact on the company's operations and growth prospects.
Why This Matters
This acquisition is significant because it reflects Otedola's confidence in the company's potential and is likely to have a positive impact on the company's operations and growth prospects. The increased investment also highlights the importance of strategic investments in driving business growth and development.
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