BREAKING: Otedola invests fresh N18.1 billion in First HoldCo, raises stake to 26.1%

Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has increased his investment in the financial services group with the acquisition of an additional 138.04 million ordinary shares valued at N18.11 billion.

The transaction was disclosed in a regulatory filing signed by Group Company Secretary, Abiola Baruwa, on Friday.

According to the disclosure, the shares were acquired on August 6, 2026, raising Otedola’s total shareholding in First HoldCo from 11.76 billion shares to 11.90 billion shares, representing approximately 26.1% of the company’s outstanding shares.

What they are saying

The filing showed that Calvados Global Services Limited, a company linked to Otedola as a significant shareholder, purchased 138,041,465 ordinary shares at N131.20 per share on the Nigerian Exchange (NGX).

• The acquisition increased Otedola’s holding from 11,763,018,192 shares to 11,901,059,657 shares, further strengthening his position as the largest shareholder of First HoldCo.
• The latest purchase comes amid a strong rally in the company’s stock. First HoldCo shares traded at N148.35 on Friday, representing a year-to-date gain of about 209.7%, driven by robust investor demand and optimism over the group’s ongoing transformation.

With the additional shares, Otedola has moved closer to owning more than one-quarter of Nigeria’s oldest banking group.

More insights

The latest acquisition follows a series of major purchases by Otedola and related entities.

• Just a week earlier, he acquired 1.779 billion ordinary shares worth approximately N222.2 billion. Before that, Calvados Global Services Limited purchased 706.13 million shares valued at N77.6 billion.
• Combined, the transactions represent investments of nearly N300 billion in First HoldCo within a little over a week, underscoring Otedola’s confidence in the group’s long-term prospects.

On Friday, share price reached N148.35, Otedola’s 11.90 billion-share holding is valued at approximately N1.77 trillion.

What you should know

The latest purchase comes days after Otedola disclosed in an interview with Nairametrics that he intends to build a controlling stake of more than 51% in First HoldCo.

• According to him, majority ownership is critical to implementing the reforms and restructuring required to unlock long-term shareholder value.
• Otedola cited his track record at Forte Oil Plc and Geregu Power Plc as examples of his investment strategy.
• He noted that he increased his stake in African Petroleum Plc, later renamed Forte Oil Plc, from 28% to 75% before exiting the business in 2019. He also followed a similar approach at Geregu Power Plc, raising his ownership from 51% to 95% before reducing it to 77% after the company’s public listing in 2022.

The latest acquisition reinforces Otedola’s commitment to First HoldCo and signals his intention to play a more influential role in shaping the future of the financial services group.