Femi Otedola Buys Fresh N77.6bn Worth of First HoldCo Shares, Now Owns 21.95% Stake

Kayode Tokede

Chairman of First HoldCo Plc, Femi Otedola, yesterday announced a fresh acquisition of 706.13 million ordinary shares worth approximately N77.6 billion in a single transaction on the Nigerian Exchange Limited (NGX).

The latest purchase further strengthens Otedola’s position in one of the Exchange’s strongest-performing banking stocks this year, with his combined shareholding now rising to 9,277,792,037 shares, representing 21.95 per cent of the company.

A regulatory filing submitted to the Nigerian Exchange shows that Calvados Global Services Limited, a company related to the First HoldCo chairman and significant shareholder, Otedola, acquired 706,131,179 ordinary shares of the company at N109.88 per share on July 22, 2026. The transaction was valued approximately N77.59 billion.

The filing classified the transaction as an initial notification of insider dealing, identifying Calvados Global Services Limited as “a company related to a significant shareholder – Mr. Olufemi Otedola”.

The purchase represents one of the largest disclosed insider acquisitions on the Exchange this year.

The transaction comes amid a sustained rally in First HoldCo shares, supported by record profitability, improving asset quality, stronger capital adequacy, and growing investor confidence in the group’s transformation strategy.

The latest acquisition further reinforces Otedola’s long-term commitment to the financial institution he has helped to reposition over the past few years.

It comes just days after First HoldCo reported record half-year earnings and became the first Nigerian banking stock to surpass a N5 trillion market capitalisation milestone.

The latest acquisition also sparked speculation about Otedola’s long-term plans for First HoldCo.

Historically, Otedola has maintained dominant ownership positions in companies where he has exercised strategic control. Before gradually reducing his stake in Geregu Power Plc, he owned approximately 78 per cent of the company.

Unlike many listed companies with concentrated ownership structures, First HoldCo has a broad shareholder base, with a free float of 56.59 per cent as of its latest half-year financial statements.

Before Wednesday’s acquisition, First HoldCo’s June 30, 2026 shareholding disclosure showed Otedola held 3,251,346,245 shares directly and 6,026,445,792 shares indirectly, representing a combined 20.4% stake.

The additional 706.13 million shares acquired through Calvados Global Services Limited will increase Otedola’s combined economic interest further, although the company’s next official shareholding disclosure will determine his exact post-transaction ownership percentage.

The insider purchase comes barely a day after First HoldCo became the first Nigerian banking stock to cross the N5 trillion market capitalisation milestone during intraday trading, cementing its position as the country’s most valuable listed banking institution.

The acquisition also comes against the backdrop of the group’s strongest financial performance on record.

For the six months ended June 30, 2026, First HoldCo reported a record pre-tax profit of N653.54 billion, representing an 83.5 per cent year-on-year increase from N356.15 billion recorded in the corresponding period of 2025.

The group posted interest income of N1.40 trillion, net interest income of N879.13 billion, and net fee and commission income of N178.51 billion, alongside continued improvements in asset quality, capital adequacy, and operating efficiency.

The stock has emerged as one of the Nigerian Exchange’s standout performers in 2026 as investors continue to price in the company’s improved earnings outlook and stronger fundamentals.