Otedola raises First HoldCo stake with N20.7 billion share purchase

Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial services group after acquiring an additional 147.74 million ordinary shares valued at N20.68 billion.

The acquisition was executed through Calvados Global Services Limited, Otedola’s investment vehicle.

This is according to a regulatory filing submitted to the Nigerian Exchange (NGX) on August 17, 2026 and signed by Company Secretary, Abiola Baruwa.

What they are saying

The filing disclosed that Otedola purchased 147,737,699 ordinary shares on August 14, 2026, at N140 per share.

• The transaction, valued at approximately N20.68 billion, increased his total shareholding in First HoldCo from 11.9 billion shares to about 12.05 billion shares.
• Following the acquisition, Otedola’s ownership stake in the group has risen to approximately 26.5%, further consolidating his position as the company’s largest shareholder.
• The latest purchase comes amid strong investor interest in First HoldCo shares, which have been among the best-performing financial stocks on the Nigerian Exchange this year.

First HoldCo shares traded at N140 on Monday, reflecting a year-to-date gain of about 192.3%.

The rally has been supported by growing investor confidence in the group’s transformation strategy, improved market sentiment, and continued accumulation of shares by major investors.

With the latest acquisition, Otedola now controls more than one-quarter of the share capital of Nigeria’s oldest banking group.

Get up to speed

The purchase is the latest in a series of significant investments by Otedola in First HoldCo.

Earlier this month, the businessman acquired an additional 138.04 million ordinary shares valued at N18.11 billion.

In July, he made two major purchases, acquiring 1.779 billion shares worth about N222.2 billion and another 706.13 million shares valued at approximately N77.6 billion.

The transactions form part of an ongoing strategy to increase his influence within the financial services group.

What you should know

The latest investment follows Otedola’s recent disclosure to Nairametrics that he intends to build a controlling stake of more than 51% in First HoldCo.

• According to him, majority ownership is necessary to drive the reforms, restructuring initiatives, and strategic decisions required to unlock long-term value for shareholders.
• Otedola pointed to his previous investments in Forte Oil Plc and Geregu Power Plc as examples of his approach to corporate transformation.
• At Forte Oil, formerly African Petroleum Plc, he increased his stake from 28% to 75% before exiting the company in 2019.

Similarly, at Geregu Power Plc, he raised his ownership from 51% to 95% before reducing it to 77% following the company’s public listing in 2022.

First HoldCo has emerged as one of the strongest-performing stocks on the Nigerian Exchange in 2026, benefiting from renewed investor confidence and ongoing strategic repositioning efforts.