Otedola acquires fresh ₦12.58bn First HoldCo shares to boost equity stake

Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has continued his aggressive share accumulation campaign, committing an additional ₦12.58 billion to acquire 95,699,240 ordinary shares in the financial services group.

The acquisition, executed through his investment vehicle, Calvados Global Services Limited, was disclosed in an insider-dealing notice filed with the Nigerian Exchange Limited (NGX) on Monday.

According to regulatory filings signed by Group Company Secretary Abiola Baruwa, the transaction was completed on 24 August at a unit price of ₦131.48. The fresh block represents 0.21 percent of First HoldCo’s total outstanding shares, pushing Otedola’s aggregate shareholding to roughly 12.14 billion shares—representing a 27.70 percent stake in the financial institution.

The deal extends a series of multi-billion naira purchases by the business tycoon in recent weeks, consolidating his status as the single largest shareholder in the parent company of First Bank of Nigeria.

Driving Toward a 51% Controlling Stake

The latest stock purchase forms part of Otedola’s stated strategic objective to secure a controlling majority stake of over 51 percent in First HoldCo.

Outlining his investment philosophy and corporate transformation plan, Otedola previously emphasized that securing majority equity control is crucial for executing structural reforms.

“Majority ownership provides the operational flexibility and governance alignment needed to implement deep-seated structural reforms, execute bold restructuring initiatives, and unlock long-term value for all shareholders,” Otedola stated regarding his strategy. “My investment in First HoldCo is a long-term, generational commitment to building a financial powerhouse.”

Otedola highlighted his historical track record in corporate restructuring, citing his transformational buyouts at Forte Oil Plc (where he raised his equity from 28 percent to 75 percent) and Geregu Power Plc (where he expanded his position from 51 percent to 95 percent prior to its public listing) as models for his vision at First HoldCo.

The ₦12.58 billion trade marks Otedola’s third major transaction in August alone. It follows an acquisition of 147.74 million shares valued at ₦20.68 billion on 14 August, and a purchase of 138.04 million shares worth ₦18.11 billion on 7 August.

His August buying spree builds on massive July market injections, including a single-day acquisition of 1.78 billion shares worth ₦222.2 billion at ₦124.90 per share. Cumulatively, Otedola has deployed hundreds of billions of naira of personal capital into First HoldCo shares throughout 2026.

At Monday’s market close of ₦127.90 per share on the NGX, the market value of Otedola’s 12.14 billion shares stands at approximately ₦1.56 trillion. Driven by sustained insider buying and robust half-year financial results, First HoldCo has surged by 162.09 percent year-to-date, placing it among the top-performing banking equities on the Nigerian Exchange.