Otedola increases First HoldCo stake with fresh N12.58 billion share acquisition

Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial services group following the acquisition of an additional 95.7 million ordinary shares valued at N12.58 billion.

The transaction was disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX) on Monday and signed by the Group Company Secretary, Abiola Baruwa.

According to the filing, the shares were acquired through Calvados Global Services Limited, Otedola’s investment vehicle.

What they are saying

The disclosure showed that Calvados Global Services Limited purchased 95,699,240 ordinary shares of First HoldCo at N131.48 per share on August 24, 2026.

• The acquisition, valued at approximately N12.58 billion, increased Otedola’s total shareholding in the company from about 12.05 billion shares to 12.15 billion shares.
• As a result, his ownership stake in First HoldCo has risen to approximately 26.6%, further strengthening his position as the group’s largest shareholder.
• The latest investment comes amid sustained investor demand for First HoldCo shares, which have emerged as one of the best-performing banking stocks on the Nigerian Exchange this year.

First HoldCo closed trading at N127.90 per share on Monday, representing a year-to-date gain of 162.09%.

Based on the current market price, the value of Otedola’s total shareholding in the company is estimated at approximately N1.56 trillion.

Get up to speed

The latest purchase continues a series of significant share acquisitions by Otedola in recent months.

Just last week, he acquired an additional 147.74 million shares worth N20.68 billion, following another purchase of 138.04 million shares valued at N18.11 billion earlier in August.

In July, the billionaire investor made two major acquisitions, purchasing 1.779 billion shares valued at about N222.2 billion and another 706.13 million shares worth approximately N77.6 billion.

The transactions underscore his ongoing strategy to expand his influence within the financial services group.

What you should know

The fresh acquisition comes shortly after Otedola disclosed his intention to build a controlling stake of more than 51% in First HoldCo.

• Speaking to Nairametrics, he said majority ownership would provide the flexibility needed to implement reforms, execute restructuring initiatives and drive long-term shareholder value creation.
• Otedola cited his investment history at 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 ownership from 28% to 75% before exiting the company in 2019. At Geregu Power, he raised his stake from 51% to 95% before reducing it to 77% following the company’s listing on the Nigerian Exchange in 2022.

First HoldCo has remained one of the standout performers on the NGX in 2026, supported by renewed investor confidence, strong market momentum and expectations surrounding the group’s ongoing transformation strategy.