Billionaire investor and Chairman of First HoldCo Plc, Olufemi Otedola, has further strengthened his position in the financial services group after acquiring 138.04 million ordinary shares valued at N18.1 billion, taking his stake in the company to 26.6 per cent.
The latest acquisition, executed on August 6, 2026, was undertaken through Calvados Global Services Limited, a company associated with Otedola.
According to an insider dealing notification filed with the Nigerian Exchange Limited (NGX), Calvados Global Services acquired 138,041,465 ordinary shares of First HoldCo at N131.20 per share in a transaction executed in Lagos.
The latest purchase represents another major step in Otedola’s sustained accumulation of First HoldCo shares and further increases his influence in the ownership structure of the financial services group.
The transaction follows two significant purchases made in July.
On July 22, Otedola, through his related interests, acquired 706.1 million First HoldCo shares at N109.88 per share in a transaction valued at approximately N77.6 billion.
Eight days later, on July 30, he acquired another 1.78 billion shares at N124.90 per share, taking the value of that transaction to approximately N222.2 billion.
Following the July 30 acquisition, Otedola’s combined stake in First HoldCo stood at 25.86 per cent. The latest purchase has subsequently lifted his interest to 26.6 per cent.
The sustained accumulation of shares highlights Otedola’s growing influence in First HoldCo and signals his continued confidence in the long-term prospects of the financial services group.
The acquisitions have also come against the backdrop of a strong performance by First HoldCo on the Nigerian Exchange.
First HoldCo recently became the first Nigerian banking stock to surpass N6 trillion in market capitalisation, following a significant rally in its share price.
The market performance has been supported by strong financial results. For the six months ended June 30, 2026, the group reported a profit before tax of N653.54 billion, representing an 83.5 per cent increase from the N356.4 billion recorded in the corresponding period of 2025.
The company’s strong earnings performance has been reflected in its share price, which recently reached a 52-week high of N150, compared with a 52-week low of N29.25.
The substantial appreciation in the stock has significantly increased the market value of Otedola’s investment while reinforcing investor interest in First HoldCo.
With the latest acquisition, Otedola has now committed more than N300 billion to First HoldCo shares through the major purchases disclosed in July and August, further demonstrating the scale of his investment in the group.
The insider transactions were disclosed in accordance with regulatory requirements governing dealings by directors, substantial shareholders and related parties in listed companies.
Such disclosures are designed to promote transparency and ensure that investors are informed about significant transactions involving company insiders.
Otedola’s latest acquisition further cements his position as one of the most influential shareholders in First HoldCo and could have implications for the company’s ownership structure and strategic direction as he continues to increase his equity interest in the group.
