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.Related NewsOil firms reject proposed 3% South-South development levyNigeria’s consumer credit drops 20% to N3.8tnNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaWith 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.More to come… 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.Related NewsOil firms reject proposed 3% South-South development levyNigeria’s consumer credit drops 20% to N3.8tnNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaWith 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.More to come… 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.Related NewsOil firms reject proposed 3% South-South development levyNigeria’s consumer credit drops 20% to N3.8tnNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaWith 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.More to come… 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.Related NewsOil firms reject proposed 3% South-South development levyNigeria’s consumer credit drops 20% to N3.8tnNigeria must deepen reforms to unlock opportunities – Okonjo-IwealaWith 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.More to come… 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.More to come… 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.More to come… 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.More to come… More to come…