First Holdings Company Plc, parent company of First Bank of Nigeria Limited, on Tuesday reported through the Nigerian Exchange Limited portal that Olufemi Otedola, its biggest shareholder, acquired additional 147,737,699 shares of the company at N140 per share for N20.683 billion on Monday.
The fresh acquisition, representing 0.32% of the group’s 45.48 billion total shares in issue, was once again done through his Calvados Global Services Limited, just like on August 6, when he purchased 138,041,465 units at N131.2 per share, spending a total of N18.111 billion.
Available data shows that as of August 6, 2026, when Otedola purchased 138.041 million units of First HoldCo, his stake summed up to 26.1% stake in his personal name and that of Calvados Global, bringing him just less than 4.0% of the 30% threshold for a Mandatory Take Over (MTO) tender.
Other significant shareholders as of August 6 included the special purpose vehicle of Renaissance Capital Limited- RC Investment Management/Barbican Capitall with 22.94%; while other institutional and retail investors accounted for 50.96%.
Recall that before August 6, Otedola, former majority owner and chairman of Geregu Power Plc, a power generation company, had on June 18, taken his take in First HoldCo to 20.42% when he bought 680 million shares in a N45bn private placement; followed by the July 22, increase to 21.96% with another 706.13m shares acquired for N77.58bn. Later that month, he took his take to 25.87%, after buying a total 1.779 billion shares worth N222.2bn.
