First HoldCo Plc has disclosed that Calvados Global Services Limited, a company owned by major shareholder Mr. Olufemi Otedola, acquired shares worth N14.8 billion in the banking group.
The acquisition further strengthens his position in one of Nigeria’s largest lenders, giving him a combined 17.56% controlling stake of the group.
According to a disclosure published on the Nigerian Exchange, Calvados purchased 369,986,122 shares of First HoldCo at N40.06 per share.
The transaction, tagged NGFBNH000009, was executed on 18 December 2025 and drove total daily trading volume to 385.6 million shares, underscoring the surge in market activity around the stock.
What the company’s books say
The latest transaction builds on Mr. Otedola’s steady accumulation of First HoldCo shares over the last two years. Based on the group’s most recent financial statements, he holds 3,491,125,586 shares indirectly, representing 8.34% of the company.
- He also owns 3,251,346,245 shares directly, or 7.76%, making him one of the bank’s substantial shareholders above the 5% threshold,
- Following the Calvados acquisition, Mr. Otedola’s indirect holdings are expected to rise to 3,861,111,708 shares, or 9.22%.
This takes his combined official ownership to approximately 17.56% of First HoldCo, placing him among the most influential investors in the institution and giving him significant leverage in shaping long-term outcomes.
Ownership consolidation and operational shifts
Market analysts say Mr. Otedola’s growing influence at the bank has coincided with a more assertive internal posture, particularly in terms of balance-sheet discipline.
- In recent months, First Bank has stepped up loan recovery efforts, intensified credit monitoring, and shown less tolerance for legacy non-performing exposures that had lingered on the books.
- While the bank has not formally linked these actions to shareholder influence, the timing has drawn attention.
- The pattern mirrors Mr. Otedola’s approach in previous investments, where ownership consolidation was followed by tighter financial controls and a sharper focus on asset quality and cash generation.
Recapitalisation context
The ownership build-up is unfolding as Nigeria’s banking sector approaches the end of the recapitalisation deadline of the central bank set for early 2026.
- Banks are under pressure to strengthen capital buffers, improve asset quality, and position early for equity raises in what is expected to be a crowded market.
- Nairametrics understands that First HoldCo is close to completing a private placement as part of its capital-raising plans ahead of the deadline.
- Sources familiar with the process say the move is aimed at bolstering capital early and reducing execution risk before the broader recapitalisation window opens.
- Recent insider-linked transactions appear to reinforce this positioning. Since releasing its nine-month financial results in late October 2025, the bank has recorded two other notable share purchases.
- There was a N2 billion acquisition by a company linked to First Bank chairman Mr. Ebenezer Olufowose, and a N33.96 million purchase by an entity associated with Group Managing Director Mr. Adebowale Oyedeji.
Market reaction
Investor response has been swift. First HoldCo shares are up 29% in December, taking month-to-date gains to 37.36%, with total trading volume reaching 657 million shares.
Currently priced at N42.65, the stock has rebounded strongly from a shallow dip to ₦31.05 in November, as rising demand, insider buying, and recapitalisation expectations combine to drive renewed interest in the lender.
This story was updated to reflect new information.
