Femi Otedola, First HoldCo’s chairman, purchased 1.77 billion shares of the financial institution through his investment vehicle, Calvados Global Services Limited. According to a corporate filing from the Nigerian Exchange (NGX), Otedola acquired the First HoldCo shares for N222.20 billion on Thursday. Given First HoldCo’s total share volume of approximately 45.5 billion shares, that mandatory threshold sits at roughly 13.65 billion shares. The remaining gap of approximately 1.69 billion shares is smaller than his most recent block purchase. Otedola’s latest First HoldCo shares acquisition is expected to further consolidate his influence within the banking group and could have major implications for future board decisions and the company’s long-term direction.