Femi Otedola, the chairman of First HoldCo, has acquired 1.77 billion shares of the financial institution through his investment vehicle, Calvados Global Services Limited.
According to a statement obtained from the Nigerian Exchange (NGX), Otedola acquired the shares at a value of N222.20 billion on Thursday.
The acquisition increase his shareholding in First HoldCo from 9.99 billion shares to 11.77 billion, while his stake surged from 21.96 percent to 25.88 percent.
This is the second acquisition Otedola will be making in July, after purchasing 706.13 million shares, worth N77.58 billion, on July 22.
He now holds N1.47 trillion investment in First HoldCo, the highest held by any investor in the financial institution.
Under the Investments and Securities Act and the Securities and Exchange Commission (SEC) rules on mergers and acquisitions, a shareholder that acquires 30 percent or more of the voting shares of a public company is required to make a mandatory takeover offer to the remaining shareholders.
The latest purchase comes weeks after First HoldCo overtook Zenith Bank to become Nigeria’s most valuable bank on the Nigerian stock market, following a sustained rally in its share price.
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