Femi Otedola, the chairman of First HoldCo, has acquired 147.74 million shares in the financial services group through his investment vehicle, Calvados Global Services Limited.

According to a regulatory filing obtained from the Nigerian Exchange (NGX), Otedola acquired the shares at a value of N20.68 billion on Monday.

The notice said the investor purchased about 147,737,699 ordinary shares at N140 per share on August 14.

The transaction increases Otedola’s stake in the financial services group from 11.99 billion shares (26.1 percent) to 12.13 billion shares (26.4 percent).

The acquisition comes less than two weeks after the billionaire bought 138.04 million ordinary shares for about N18.11 billion.

Prior to that, Otedola had said he had invested more than N600 billion of his personal wealth in the bank, describing the investment as a “long-term generational commitment” rather than a turnaround play.

Responding to speculation about increasing his stake, Otedola said his investment philosophy favours majority control.

“My investment threshold is always over and above 51 percent,” the billionaire had said.

“One of my key investment principles is that firm shareholder control, with due regard for minority interest, is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders.”

The bank’s share price had recently rose to an all-time high of N140 per share, pushing its market capitalisation to N6.37 trillion.