By Boluwatife Oshadiya
Key Points
- Femi Otedola-linked Calvados Global Services acquired 549.5 million First HoldCo shares in a single transaction.
- The deal was valued at approximately N43.4 billion at N79 per share.
- Otedola’s estimated total direct and indirect holdings in First HoldCo have now risen to about 19.36 percent.
- The acquisition comes as Nigerian banks position for recapitalisation and expansion.
Main Story
Billionaire businessman and investor Femi Otedola has strengthened his position in First HoldCo Plc after a major insider share acquisition valued at more than N43 billion.
A regulatory filing on the Nigerian Exchange (NGX) showed that Calvados Global Services Limited, an entity linked to Otedola, acquired 549,535,653 ordinary shares of First HoldCo Plc at N79 per share during Wednesday’s trading session.
The acquisition, worth approximately N43.41 billion, is one of the largest insider transactions recorded in Nigeria’s banking sector in recent years and signals growing confidence in the financial institution’s long-term prospects.
The latest purchase further consolidates Otedola’s influence within the Group at a time when Nigerian banks are under pressure to strengthen capital buffers, accelerate digital banking investments, and position for regional competitiveness following the Central Bank of Nigeria’s recapitalisation directive.
Otedola had earlier increased his stake in the institution in September 2024 when he acquired 534,094,407 shares at N30 per share. That transaction raised his holdings to approximately 4.72 billion shares, representing about 13.2 percent of the company’s outstanding shares at the time.
Following the new acquisition and based on First HoldCo’s first-quarter 2026 shareholding structure, Otedola’s estimated total holdings have now climbed to about 8.60 billion shares, currently valued at roughly N612.67 billion.
Market analysts say insider transactions of this scale are often interpreted as a strong signal of confidence by investors with deep knowledge of a company’s operational outlook and earnings potential.
First HoldCo, the parent company of First Bank of Nigeria, remains one of the country’s most systemically important financial institutions, with operations across commercial banking, asset management, and merchant banking.
The company has recently focused on balance-sheet strengthening, operational restructuring, and digital transformation as competition intensifies across Nigeria’s banking sector.
What’s Being Said
Market observers say the transaction reinforces investor confidence in First HoldCo’s long-term valuation and strategic direction. Analysts also note that Otedola’s increasing stake could strengthen his influence on corporate governance decisions, future capital raising plans, and broader strategic positioning within the Group.
The acquisition has already drawn significant attention within the Nigerian capital market, with investors closely monitoring future movements in the company’s shareholding structure.
What’s Next
Investors are expected to monitor whether additional insider acquisitions emerge in the coming months as banks continue preparations for recapitalisation deadlines set by the Central Bank of Nigeria.
Attention will also remain on First HoldCo’s earnings performance, capital strategy, and expansion plans as competition in the banking industry intensifies.
Bottom Line
Femi Otedola’s N43.4 billion share acquisition has significantly deepened his influence in First HoldCo and sent a strong confidence signal to the Nigerian capital market at a critical period for the banking sector.
