Billionaire businessman Femi Otedola has increased his ownership in First HoldCo Plc after acquiring an additional 1.77 billion shares through his investment company, Calvados Global Services Limited.

According to a regulatory filing on the Nigerian Exchange (NGX), the transaction, valued at N222.20 billion, was completed on Thursday.

The latest purchase raises Otedola’s shareholding from 9.99 billion shares to 11.77 billion shares, increasing his stake in the financial institution from 21.96 percent to 25.88 percent.

The acquisition follows another major investment made on July 22, when Otedola purchased 706.13 million shares worth N77.58 billion, further strengthening his position as the bank’s largest shareholder.

With the latest transaction, his total investment in First HoldCo is now estimated at approximately N1.47 trillion, making him the institution’s single largest investor.

Under the Investments and Securities Act and the Securities and Exchange Commission’s merger and acquisition regulations, any shareholder who acquires 30 percent or more of the voting shares in a publicly listed company is required to make a mandatory takeover offer to other shareholders.

The increased investment comes weeks after First HoldCo became Nigeria’s most valuable listed banking stock by market capitalisation, surpassing Zenith Bank following sustained gains in its share price on the Nigerian Exchange.

A Nigerian shipment of 252 metric tons of palm kernel shell activated carbon becomes the first cargo to enter the Hainan Free Trade Port under China’s newly expanded zero-tariff policy for African imports.

Haikou Customs confirmed on Wednesday that the consignment was the first to receive duty-free treatment since the new trade measure took effect on May 1, 2026.

The policy extends tariff-free access to goods imported from all 53 African countries that maintain diplomatic relations with China. The initiative is expected to strengthen trade between China and Africa by improving market access for African products, supporting industrial development and helping exporters navigate an increasingly protectionist global trading environment.

The expanded arrangement broadens China’s preferential market access for African exports. While 33 African countries classified as least developed nations have enjoyed duty-free treatment on all tariff lines since December 2024, the latest policy now covers the remaining 20 African countries through a preferential tariff scheme that will remain in force for an initial two-year period.

Chinese officials said the temporary arrangement is intended to facilitate negotiations on the proposed China-Africa Economic Partnership for Shared Development agreement. Once finalized, the agreement is expected to establish permanent institutional backing for the zero-tariff framework.

According to China’s Ministry of Commerce, the policy is designed not only to increase imports from Africa but also to stimulate greater investment in the continent’s manufacturing sector. By encouraging the flow of capital, modern technology, production equipment and management expertise, the initiative aims to expand local processing of African raw materials and increase the export of value-added products.

Officials believe the approach will contribute to a more balanced and sustainable trading relationship while creating new opportunities for African economies to move further up global value chains.

The development comes as economic ties between China and Africa continue to deepen. Data from China’s General Administration of Customs show that two-way trade reached an all-time high of 348 billion U.S. dollars in 2025. During the same period, Chinese imports from African countries rose by 5.4 percent year-on-year to 123 billion U.S. dollars, reflecting sustained growth in commercial exchanges between both sides.

The successful entry of the Nigerian shipment into the Hainan Free Trade Port is expected to encourage more African exporters to take advantage of the expanded duty-free access, opening new opportunities for trade, investment and industrial cooperation.

By Abo

By Abigail David

Sahara Group Foundation has commissioned two new Sahara Go Recycling hubs in Kaduna and Jigawa states, expanding its waste management and recycling network in Northern Nigeria.

In a statement issued on Sunday, the Foundation said the facilities, located in Gidan Hakimi, Shuwarin Local Government Area of Jigawa State, and Asharami Retail Station in Badiko, Kaduna South Local Government Area, are its 21st and 22nd recycling hubs nationwide, and the second and third in Northern Nigeria.

According to the Foundation, the Jigawa hub was established in partnership with the King’s Council of Shuwarin, while the Kaduna facility was developed in collaboration with Asharami Synergy.

The Foundation said the initiative aims to transform waste into income-generating opportunities for households while promoting environmental sustainability.

Director of Sahara Group Foundation, Chidilim Menakaya, said the project reflects the organisation’s commitment to building community-driven recycling systems through strategic partnerships.

Community leaders and government officials attended the commissioning ceremonies, including Jigawa State Commissioner for Environment, Dr. Nura Doka, and Chairman of Shuwarin Local Government Area, Abdulhamid Balago.

The Foundation also announced plans to open another recycling hub in Kano State in the coming weeks following discussions with the Emir of Kano, Muhammadu Sanusi II.

According to Sahara Group Foundation, the Sahara Go Recycling initiative has facilitated the recycling of more than 1,000 tonnes of waste materials and has directly or indirectly supported over 2,000 livelihoods across Nigeria.