₦airaland Forum

Billionaire businessman Femi Otedola has increased his stake in First HoldCo Plc after acquiring an additional 1.77 billion shares in the financial institution through his investment vehicle, Calvados Global Services Limited.

A regulatory filing obtained from the Nigerian Exchange (NGX) showed that the transaction, valued at N222.20 billion, was executed on Thursday.

The latest acquisition raises Otedola’s shareholding in First HoldCo from 9.99 billion shares to 11.77 billion shares, increasing his ownership stake from 21.96 per cent to 25.88 per cent.

The purchase marks Otedola’s second major investment in the bank in July. On July 22, he acquired 706.13 million shares valued at N77.58 billion, further strengthening his position as the company’s largest shareholder.

With the latest transaction, Otedola’s investment in First HoldCo is now estimated at N1.47 trillion, making him the single largest investor in the financial institution.

Under the Investments and Securities Act and the Securities and Exchange Commission’s rules on mergers and acquisitions, any shareholder who acquires 30 per cent or more of the voting shares in a publicly listed company is required to make a mandatory takeover offer to the remaining shareholders.

Otedola’s increased investment comes weeks after First HoldCo emerged as Nigeria’s most valuable banking stock by market capitalisation, overtaking Zenith Bank following a sustained rally in its share price on the Nigerian Exchange.

OroroDAn:
Femi Otedola, chairman of First HoldCo, has deepened his grip on the financial institution after acquiring 1.77 billion additional shares through his investment vehicle, Calvados Global Services Limited.

The Nigerian Exchange (NGX) confirmed the transaction, noting the shares were purchased on Thursday at a total value of ₦222.20 billion.

Learn more: https://sharpifyng.com/2026/07/30/otedola-raises-stake-in-first-holdco-with-n222-2bn-share-purchase

Jayjayconcept:
That was his long time Ambition with the president by his side,
Tinubu's boy

See cash out,the rich are really getting richer

Otedola,Dangote,A .A Rano and others made so much money in oil and gas this year with price increase.

HenryThegreat1:
Aliko Dangote, the president of Dangote Industries Limited (DIL) has strongly refuted allegations by the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), insisting its diesel is 80percent superior to those currently imported into Nigeria.

The richest man in Africa said this Saturday while showing members of the House of Reps the company’s facilities.

“Until late last year, diesel imports into Nigeria were up to 7,000 parts per million (ppm) of Sulphur which has been going on for many years. Our diesel is produced currently at significantly lower levels of Sulphur; as such, we find baseless the allegation that the reason for the reduction is linked to quality. What we are producing is 80 percent of what is being imported into the country,” Anthony Chiejine, the company’s spokesperson Dangote Industries Limited said.

Read also: Explainer: Separating fact from fiction in NMDPRA’s claims against Dangote refinery

“Another inaccurate assertion is that Medium Level Sulphur diesel is meant for off-road use. This is a completely false statement as this would have invariably meant that all the imports for the last 20 years have been damaging equipment.

“Thirdly, diesel imports for the high Sulphur grade have been at significantly higher prices until we started operation. If indeed high Sulphur diesel is sold at lower prices how come we never saw the lower prices until now?” the spokesperson said.

Read also: Dangote refinery not yet licensed to operate in Nigeria-NMDPRA

Related NewsInsecurity, oil theft: Nigerians demand results not endless rhetoricWrong diagnosis killing many patients in Nigerian hospitalsHigh electricity tariff crushing Nigerian public varsities

Dangote proved through a laboratory test before members of the House of Reps, led by Tajudeen Abbas how the sulphur content of its diesel is within acceptable range in Africa and better than some of diesel currently available in the country.

Dangote diesel currently contains 87.6 ppm

For instance, Dangote’s laboratory officials tested diesel products from two major retail outlets in Nigeria – TotalEnergies and Matrix – against the sample produced by Dangote Refinery.

The test was carried out using a ED-XRF Spectro Photometer, using the ASTM D4294 method.

The sample from TotalEnergies’s diesel showed 1,829ppm sulphur concentration. The sample from Matrix retail showed 2,2752.8682ppm sulphur concentration while the diesel sample from Dangote Refinery showed 87.6ppm sulphur concentration.

Targets 10ppm sulphur content August

“By the end of next week, we should be on 50ppm and by August, it should be down to 10ppm,” Dangote said.

BusinessDay’s findings showed the minimum global standard is 50ppm, while 200ppm is still acceptable in Africa till the end of the year.

On Thursday, July 18, Farouk Ahmed, chief executive officer of NMDPRA alleged Dangote refinery as well as some major refineries like Waltersmith refinery, produce between 650 to 1200 ppm.


https://businessday.ng/news/article/dangote-rejects-nmdpra-claims-says-sulphur-content-meets-african-standard/

OroroDAn:
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OroroDAn:
https://www.google.com/goto?url=CAESmgEB7keqTSqDvFTDdVQoPFTxnPzAeFpcfJiYUlTDZI0vDTGC0rJfOpeM7YmfD3xD_6IDqySdh543fROa42waWd1m5omWkOsgXxRQyCDNngWBXRr_EgLqt8AFXqzJ4xpn_Jrx8oMsagUuBCOqM2GeXI-vwF7CEzEFOcjSP6U8znVlFppXv6DZ-VZKMjm1Xv0BQUXC5QXKKWcQBCW8

sultanodudua:
25% stake in first bank is massive for an individual ownership of a bank.
Even Elumelu and Ovia are not this close in their respective banks.

Gboss247:
The news talks about Femi Otedola acquiring more stakes in First Holding Company Plc (FirstHoldco) but look at how Nigerians are narrowing it down to just First Bank Nigeria Limited which is one of the subsidiaries.

ncoolsome:
Neither can he own 25% in zenith or Uba...Jim ovias 8% is worth 840 billion alone.

commoditiesnig:
Lol.. let’s not kid ourselves.. which other “subsidiary” is there aside FBN?

FBN is “the FirstHoldco” itself.. it’s by far the largest subsidiary.. thus people always mention FBN.