Otedola increases First HoldCo stake to 25.9% in N222bn buy

First HoldCo Plc chairman Femi Otedola has consolidated his position as the group’s biggest shareholder after acquiring an additional 1.78 billion shares in a massive transaction valued at N222.2 billion.

The mega-deal, executed through his private investment entity Calvados Global Services Limited and disclosed in a regulatory filing to the Nigerian Exchange (NGX) on Thursday, elevates Otedola’s beneficial ownership stake from 21.96 percent to approximately 25.87 percent of the financial institution’s issued share capital.

The latest acquisition, completed at N124.90 per share, marks Otedola’s second major block purchase within eight days, pushing his total holdings to 11.77 billion shares valued at roughly N1.47 trillion ($1 billion).

The transaction represents the single largest equity purchase made by an individual investor in Nigeria’s banking sector this year. It follows an earlier purchase on July 22, when Otedola acquired 706.13 million shares for N77.58 billion.

Under market governance frameworks set by the Securities and Exchange Commission (SEC) and the Investments and Securities Act, any individual shareholder who crosses a 30 percent voting threshold in a publicly listed firm must trigger a mandatory takeover offer to minority shareholders. With his holding now hovering near 26 percent, financial analysts note Otedola is fast approaching that threshold.

A formal disclosure filed with the Nigerian Exchange confirmed the mechanics of the block trade.

“The transaction, involving 1,779,094,976 ordinary shares of First HoldCo Plc at N124.90 per share, was executed through Calvados Global Services Limited,” the regulatory filing stated. “Following the purchase, Mr. Femi Otedola’s direct and indirect interest in the company stands at 25.87 percent of total outstanding shares.”

Market dominance and banking realignments

The fresh capital injection comes amidst a sustained rally in First HoldCo’s equity price. Over recent weeks, the stock has more than doubled on the local bourse, propelling the lender ahead of Zenith Bank to become Nigeria’s most valuable financial services institution by market capitalization.

The bank’s rapid valuation surge reflects both heavy insider buying and strong underlying financial performance, including a reported N653.5 billion pre-tax profit for the first half of 2026.

Market operators view the aggressive share purchases as a strategic move to fortify Otedola’s position ahead of planned recapitalisation exercises aimed at reinforcing the balance sheet of flagship subsidiary First Bank of Nigeria Limited.

David Adonri, chairman of Highcap Securities, highlighted the strategic intent behind the accumulation.

With Otedola’s total exposure to First HoldCo now accounting for one of the largest single-investor equity positions in West Africa, the transaction closes the door on long-standing boardroom rivalries over ownership control of the 132-year-old institution.