Femi Otedola, Chairman of First Holdco, has increased his stake in the group to approximately 36.7 percent, following the acquisition of about 24.9 percent in an off-market deal executed on July 16. With this acquisition, he has bought out long-time major shareholder, Oba Otudeko, who owned a confirmed 8.65 percent stake, with his remaining shareholding under litigation.

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A total of 10.433 billion First Holdco shares were traded at N31.00 per share in 17 deals. The entire transaction was valued at N323.45 billion, the highest off-market transaction ever seen on the NGX.