Femi Otedola spends N77.6 billion buying First HoldCo shares

Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has deepened his investment in the financial holding company after a related entity acquired 706.13 million ordinary shares worth approximately N77.6 billion in a single transaction on the Nigerian Exchange (NGX).

The acquisition was disclosed in a regulatory filing submitted to the Nigerian Exchange on Wednesday.

It comes just days after First HoldCo reported record half-year earnings and became the first Nigerian banking stock to surpass a N5 trillion market capitalization milestone.

The latest purchase further strengthens Otedola’s position in one of the Nigerian Exchange’s strongest-performing banking stocks this year, with his combined shareholding now rising to 9,277,792,037 shares, representing 21.95% of the company.

What the filing is saying

A regulatory filing submitted to the Nigerian Exchange shows that Calvados Global Services Limited, a company related to First HoldCo Chairman and significant shareholder Femi Otedola, acquired 706,131,179 ordinary shares of the company at N109.88 per share on July 22, 2026. The transaction is valued at approximately N77.59 billion.

• The filing classified the transaction as an initial notification of insider dealing, identifying Calvados Global Services Limited as “a company related to a significant shareholder – Mr. Olufemi Otedola, CON.”
• The purchase represents one of the largest disclosed insider acquisitions on the Nigerian Exchange this year.
• The transaction comes amid a sustained rally in First HoldCo shares, supported by record profitability, improving asset quality, stronger capital adequacy, and growing investor confidence in the Group’s transformation strategy.

The latest acquisition further reinforces Otedola’s long-term commitment to the financial institution he has helped reposition over the past few years.

More insights

The latest acquisition has also sparked speculation about Otedola’s long-term plans for First HoldCo.

Sources familiar with the transaction told Nairametrics he could ultimately be targeting a 51% controlling stake. Nairametrics could not independently verify the claim, and there has been no public confirmation from either Otedola or First HoldCo.

• If achieved, such a holding would make Otedola the controlling shareholder of one of Nigeria’s largest financial institutions.
• Historically, Otedola has maintained dominant ownership positions in companies where he has exercised strategic control. Before gradually reducing his stake in Geregu Power Plc, he owned approximately 78% of the company.
• Unlike many listed companies with concentrated ownership structures, First HoldCo has a broad shareholder base, with a free float of 56.59% as of its latest half-year financial statements.
• Before Wednesday’s acquisition, First HoldCo’s June 30, 2026 shareholding disclosure showed Otedola held 3,251,346,245 shares directly and 6,026,445,792 shares indirectly, representing a combined 20.4% stake.

The additional 706.13 million shares acquired through Calvados Global Services Limited will increase his combined economic interest further, although the company’s next official shareholding disclosure will determine his exact post-transaction ownership percentage.

What you should know

The insider purchase comes barely a day after First HoldCo became the first Nigerian banking stock to cross the N5 trillion market capitalization milestone during intraday trading, cementing its position as the country’s most valuable listed banking institution.

The acquisition also comes against the backdrop of the Group’s strongest financial performance on record.

• For the six months ended June 30, 2026, First HoldCo reported a record pre-tax profit of N653.54 billion, representing an 83.5% year-on-year increase from N356.15 billion recorded in the corresponding period of 2025.
• The Group posted interest income of N1.40 trillion, net interest income of N879.13 billion, and net fee and commission income of N178.51 billion, alongside continued improvements in asset quality, capital adequacy, and operating efficiency.
• The stock has emerged as one of the Nigerian Exchange’s standout performers in 2026 as investors continue to price in the company’s improved earnings outlook and stronger fundamentals.