Otedola increases First HoldCo ownership to 20.4% as H1 earnings fuel stock rally

Billionaire investor Femi Otedola combined interest in First HoldCo Plc increased to 20.40% as of June 30, 2026, up from 18.12% at the end of March 2026 and 15.95% as of June 30, 2025.

This is according to the company’s latest shareholding disclosure as contained in its recently released first quarter results.

The increase was driven by his indirect holdings, which rose to 6.03 billion shares in June 2026 from 4.80 billion shares in March 2026 and 3.47 billion shares in June 2025.

His direct holdings, meanwhile, stood at 3.25 billion shares at the end of June 2026.

The latest disclosure shows that Otedola held a combined 9.28 billion shares in First HoldCo at the end of June 2026, compared with 8.06 billion shares three months earlier. This represents an increase of approximately 1.22 billion shares between March and June.

What the data is saying

Otedola has expanded his interest in First HoldCo over the past year, even as the company increased its total issued shares.

As of June 30, 2025, Otedola held 3.21 billion shares directly and 3.47 billion shares indirectly, giving him a combined 6.68 billion shares, equivalent to 15.95% of First HoldCo. At the time, the company had 41.88 billion issued shares.

By March 31, 2026, his combined position had increased to 8.06 billion shares, representing 18.12%, comprising 3.25 billion direct shares and 4.80 billion indirect shares. First HoldCo’s issued share capital had also expanded to 44.45 billion shares.

Three months later, as of June 30, 2026, Otedola’s combined holding had risen further to 9.28 billion shares, representing 20.40% of the company.

• His direct holding remained at 3.25 billion shares, while his indirect stake increased to 6.03 billion shares.
• Over the same period, First HoldCo’s total issued shares increased further to 45.48 billion.
• Overall, Otedola increased his combined holding by about 2.60 billion shares between H1 2025 and H1 2026, while his ownership interest rose by 4.45 percentage points, from 15.95% to 20.40%.

This increase occurred despite First HoldCo adding roughly 3.60 billion shares to its issued share capital over the period.

What you should know

The increase in Otedola’s ownership coincided with a decline in First HoldCo’s disclosed free float.

• Free-float shares stood at 28.85 billion units, representing 68.90% of issued shares, in June 2025.
• This declined to 25.94 billion units, or 58.34%, in March 2026, and further to 25.73 billion units, or 56.59%, by June 2026.

The company’s share price also rose significantly over the period. First HoldCo’s disclosures put its closing price at N26.00 as of June 30, 2025, rising to N50.00 by March 31, 2026, and N56.05 at the end of June 2026.

As of the close of trading last week, the shares were priced at N95.95, reflecting a 71.12% month-on-month gain in July.

The rally received a fresh boost on Monday following the release of First HoldCo’s H1 2026 results.

• The group reported a record pre-tax profit of N653.54 billion for H1 2026, up 83.50% YoY from N356.15 billion, while profit after tax rose 81.57% to N526.13 billion.
• In Q2 alone, pre-tax profit nearly doubled to N332.42 billion from N169.67 billion in Q2 2025.

Following the release of the results on July 20, 2026, the shares gained 10% in intraday trading to N105.50, extending the stock’s recent rally and lifting First HoldCo’s market capitalisation to about N4.80 trillion making it the most capitalised banking stock on the NGX.

Insight

Otedola’s rising stake is occurring at a time when First HoldCo is attracting renewed investor interest, supported by both stronger earnings.

The H1 2026 results released today provide a fundamental backdrop to the latest share price rally. Pre-tax profit increased driven by lower impairment charges and stronger non-interest income

Although the proportion of First HoldCo shares classified as free float has fallen to 56.59% from 68.90% a year earlier, it remains well above the 20% minimum free-float requirement for companies listed on the NGX Premium Board. This means First HoldCo still maintains a substantial level of publicly tradable shares