Billionaire investor Femi Otedola is on a buying spree—and he’s not slowing down.
The Chairman of First HoldCo has just pumped another N20.68 billion into the financial services giant, acquiring 147.74 million shares through his investment vehicle, Calvados Global Services Limited.
According to a regulatory filing with the Nigerian Exchange (NGX), Otedola purchased 147,737,699 ordinary shares at N140 per share on Monday, August 14. The fresh acquisition pushes his total stake from 11.99 billion shares (26.1%) to a commanding 12.13 billion shares (26.4%).
This latest buy comes barely two weeks after he snapped up 138.04 million shares for about N18.11 billion—meaning the tycoon has shelled out nearly N39 billion in August alone.
Otedola, who has now poured over N600 billion of his personal fortune into the bank, insists this is no short-term gamble. He recently described his investment as a “long-term generational commitment” —not a quick-flip turnaround play.
And he’s made his endgame crystal clear: majority control.
“My investment threshold is always over and above 51 percent,” Otedola declared. “Firm shareholder control, with due regard for minority interest, is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders.”
With the bank’s share price soaring to an all-time high of N140, pushing its market capitalization to a staggering N6.37 trillion, Otedola’s aggressive accumulation suggests he’s far from finished.
The question on every investor’s mind now: How high will he go?
