Billionaire investor Femi Otedola has deepened his control over First HoldCo Plc after acquiring an additional 1.78 billion ordinary shares for ₦222.21 billion ($160 million), marking the largest single equity block transaction he has executed in the Nigerian financial services group.
According to regulatory filings with the Nigerian Exchange, Otedola bought 1,779,094,976 shares at a negotiated price of ₦124.9 per share—representing a 1.65% discount to the stock’s prior closing price. The purchase expands his total position to nearly 11.96 billion shares, raising his ownership interest to 26% of the company’s total issued share capital.
At current price levels, Otedola’s total stake in the group is valued at ₦1.4934 trillion. equivalent to $1.066 billion (at an exchange rate of ₦1,385/$).
Mandatory Takeover Threshold in Sight
The size of the latest acquisition places Otedola close to the mandatory buyout threshold under Nigerian capital market regulations. SEC guidelines require any shareholder acquiring a 30% voting stake in a public company to extend a mandatory takeover offer (MTO) for all remaining shares.
With First HoldCo’s share count standing at approximately 45.5 billion, the 30% trigger level is roughly 13.65 billion shares. Otedola’s current position of 11.96 billion leaves a buffer of approximately 1.69 billion shares—less than the volume acquired in his single latest deal.
However, Otedola has consistently positioned his share accumulation as a long-term strategic investment rather than a tender for total ownership.
Earnings Surge and Valuation Benchmark
The equity build-up coincides with First HoldCo overtaking Zenith Bank Plc and Guaranty Trust Holding Company Plc (GTCO) to become Nigeria’s most valuable listed lender.
The holding company for First Bank of Nigeria closed with a market capitalization of ₦5.68 trillion ($4.10 billion), compared to Zenith Bank’s ₦5.2 trillion and GTCO’s ₦4.7 trillion.
First HoldCo stock is up 257% in the past year.
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