Femi Otedola, chairman of FirstHoldCo Plc, has acquired 706.1 million new shares in the banking group, raising his stake to 21.95%.The purchase, valued at N77.6 billion, was made through his special purpose vehicle, Calvados Global Services Limited.This brings him within 1% of RC Investment, the current largest shareholder with a 22.94% stake.Otedola has been steadily increasing his holdings since 2021, with this latest acquisition being part of a N350 billion private placement programme.The funds raised will be injected into First Bank of Nigeria Limited to strengthen its capital and balance sheet.

FirstHoldCo, Nigeria's most valuable bank stock, recently lost its top spot to Zenith Bank but remains focused on boosting its paid-up capital to N1 trillion.

The share purchase highlights Otedola's continued influence in the financial sector and his strategic moves to consolidate control over key assets.