Nigeria, Aug. 24 -- Femi Otedola, the chairman of First HoldCo Plc, acquired 95.7 million new shares in the banking group, taking his stake in the company to 27.70 per cent.

In a regulatory filing signed by the group's Company Secretary, Abiola Baruwa, on Monday, Mr Otedola purchased 95,699,240 additional shares at N131.48 per share, valued at N12.58 billion.

The additional share purchase represents 0.21 per cent of the company's outstanding shares and was made through Calvados Global Services Limited.

After the purchase, Mr Otedola now holds about 12.14 billion shares in the financial institution, representing 27.70 per cent of the company's outstanding shares.

Based on the financial institution's opening price of N129.95 on Monday a...