By Boluwatife Oshadiya | July 30, 2026, 4:30 PM
Key Points
- Femi Otedola acquired an additional 1.779 billion First HoldCo shares valued at approximately ₦222.2 billion
- The purchase increases his beneficial ownership to 11.76 billion shares, representing a 25.87% stake in the financial holding company
- The acquisition comes as First HoldCo posts record earnings and its share price rallies more than 120% over the past month
Main Story
Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial holding company after acquiring an additional 1.779 billion ordinary shares worth approximately ₦222.2 billion, according to a regulatory filing submitted to the Nigerian Exchange (NGX).
The shares were acquired at ₦124.90 per share, bringing Otedola’s total beneficial interest to 11.76 billion ordinary shares, equivalent to 25.87% of the company’s issued share capital.
Based on the acquisition price, Otedola’s investment in First HoldCo is now valued at about ₦1.47 trillion, making it one of the largest individual equity holdings in Nigeria’s financial services sector.
The latest purchase comes barely one week after Calvados Global Services Limited, an entity linked to Otedola, acquired 706.13 million shares worth ₦77.59 billion. Combined, both transactions represent fresh investments of nearly ₦300 billion in just over a week, underscoring the billionaire investor’s growing confidence in the lender.
The accumulation also coincides with First HoldCo’s remarkable market performance. The stock has gained more than 120% over the past month, becoming one of the best-performing large-cap stocks on the Nigerian Exchange as investors respond positively to the group’s record financial results and improving fundamentals.
“The acquisition of 1,779,094,976 ordinary shares increases the beneficial shareholding of Mr. Femi Otedola to 11,763,018,192 shares, representing 25.87% of the company’s issued share capital,” the company said in its regulatory filing to the Nigerian Exchange.
What’s Being Said
Market analysts say the latest transaction further reinforces investor confidence in First HoldCo’s long-term growth prospects following its strong earnings performance and ongoing balance sheet transformation.
The purchase has also renewed market speculation about Otedola’s long-term strategic intentions for the financial institution. While reports have suggested he could eventually seek a larger controlling interest, neither Otedola nor First HoldCo has publicly indicated any plan to increase his stake beyond its current level.
What’s Next
- Investors will closely monitor whether Otedola continues to increase his stake through additional market purchases.
- The market is expected to focus on First HoldCo’s recapitalisation programme and execution of its growth strategy for the remainder of 2026.
- Analysts will also watch the company’s full-year 2026 earnings after management projected profit before tax of more than ₦1.2 trillion.
Bottom Line:
Otedola’s latest ₦222.2 billion investment is more than an insider share purchase—it is a strong vote of confidence in First HoldCo’s transformation strategy. With ownership approaching 26% and the bank delivering record profitability, the transaction further strengthens First HoldCo’s position as one of the Nigerian Exchange’s most closely watched banking stocks.
