The chairman of First HoldCo, Femi Otedola, has increased his stake in the financial institution to 21.96 percent following the acquisition of shares valued at N77.58 billion.
According to an insider share-dealing statement obtained from the Nigerian Exchange (NGX) on Wednesday, Otedola purchased 706.13 million shares, increasing his holdings from 9.28 billion to 9.99 billion shares.
The latest transaction raised his stake from 20.42 percent to 21.96 percent.
The acquisition was executed through his investment vehicle, Calvados Global Services Limited.
Based on First HoldCo’s closing share price on Wednesday, Otedola’s total investment in the company is now valued at approximately N1.04 trillion. This represents a significant increase from the N566.43 billion value of his holdings as of June 18.
Last month, the investor acquired 680 million shares in First HoldCo through a private placement at a cost of N29.6 billion.