Femi Otedola’s First HoldCo stake soars to N1.82 trillion in market value

The Chairman of First HoldCo Plc, Mr. Femi Otedola’s disclosed and implied shareholding in the Tier 1 lender has jumped dramatically to N1.82 trillion in market value since the company’s half-year (H1 2026) financial statements were filed with the Nigerian Exchange Limited (NGX) in late July.

The sharp increase in value followed aggressive share acquisition by Calvados Global Services Limited, an Otedola-related entity, which deployed approximately N351.17 billion to acquire 2.867 billion First HoldCo shares across five separate transactions between late July and August 2026.

With previously disclosed direct and indirect holdings of 9.278 billion shares as of June 30, 2026, as well as recently Calvados-acquired shareholding, Otedola’s stake stood at roughly 26.71% of First HoldCo’s 45.475 billion issued shares, a position substantially larger than his previously disclosed 20.40% holding as of June 30, 2026.

Now the billionaire’s combined stake in First HoldCo amounts to approximately N1.821 trillion after the share price of the stock climbed from N56.05 (at H1 year-end) to N149.90, hitting a new high after the stock rose by N3.20 or 2.18% as of Wednesday, September 2.

What the data is saying:

The First HoldCo H1 2026 financial statements, filed with the NGX showed that as of June 30, 2026, Femi Otedola held 3.251 billion First HoldCo shares directly, representing 7.15%.

• He also held 6.026 billion shares indirectly, equivalent to 13.25%.
• His combined H1 2026 holding was therefore 9.278 billion shares, representing 20.40% of First HoldCo.
• At the N56.05 closing price used in the H1 2026 financial statements (as of June 30), this position was worth approximately N520.02 billion, the second-largest disclosed shareholder grouping after RC Investment Management Limited, which held 10.434 billion shares (22.94%).

After H1, Calvados Global Services Limited—a company specifically related to Mr. Otedola, acquired 2.867 billion additional shares across five disclosed transactions between July 22 and August 24.

Insider-dealing notifications filed with the NGX show that the July 30 transaction stands out as by far the largest single acquisition, in which Calvados purchased 1.779 billion shares—equivalent to approximately 3.91% of First HoldCo’s issued share capital in a single day, at N124.90 per share.

If these acquisitions are treated as part of Otedola’s indirect interest, his associated holding rises to 12.145 billion shares, or approximately 26.71%.

At N149.90 per share, the combined holding is worth approximately N1.82 trillion.

The implied 12.145 billion shares represent an increase of approximately 2.867 billion shares from the H1 2026 disclosure, made entirely through Calvados Global Services Limited and reflecting a market-value appreciation of approximately N1.301 trillion compared to valuations at the H1 2026 reporting date.

More insights:

Calvados deployed capital across a rising price trajectory, acquiring shares aggressively at prices ranging from N109.88 to N140.00 per share between late July and August, substantially lifting the share price to its current N149.90 market level.

• The July 30 transaction, in particular, at N124.90 per share for 1.779 billion shares, represents the bulk of the N351 billion deployment. This single transaction consumed approximately 63% of the total capital deployed across all five purchases.
• As of H1 2026, First HoldCo’s free-float stood at 25.735 billion shares, representing 56.59% of issued capital.
• If Otedola’s implied position now stands at approximately 26.71% of the company following the Calvados acquisitions, the top two shareholder groupings (RC Investment Management at 22.94% and Otedola-associated interests at approximately 26.71%) together account for approximately 49.65% of issued shares, leaving slightly over 50% in the broader free float and other shareholdings.

This structure maintains First HoldCo’s compliance with NGX Premium Board free-float requirements, though it reflects a continued consolidation of ownership around major shareholding blocs.

What you should know:

The N1.821 trillion valuation of Otedola’s implied stake is based on the September 2, 2026 market closing price of N149.90 per share. This is the current market value, not his acquisition cost.

• Otedola became a major shareholder in the former FBN Holdings in 2021 and assumed the First HoldCo chairmanship in January 2024.
• He has described his investment as a deliberate, phased acquisition aimed at rescuing, rebuilding and repositioning the financial institution.
• Nairametrics reported that his stake reached 18.12% in 2025 before rising to 20.40% by June 2026.

Otedola has also said his investment threshold is generally above 51%, citing his previous ownership-building strategies at Forte Oil and Geregu Power.