Otedola eyes 51% stake in First HoldCo as investment tops $430m

Group Chairman of First HoldCo Plc, Femi Otedola has declared his intention to eventually acquire a majority stake in the Group, saying his long-term investment approach is to own more than 51 per cent of companies in which he invests, after committing more than $430 million of his personal wealth to Nigeria’s oldest banking group.
Otedola revealed this in a recent interview, days after he increased his shareholding in First HoldCo to 25.87 per cent through a series of share acquisitions, further strengthening his position as the company’s largest shareholder. “If you look at my antecedents, my investment threshold is always over and above 51%,” Otedola said, adding that he is pursuing ...