Femi Otedola raises First HoldCo stake to 21.96% worth N77.6bn

By Peter Egwuatu

Chairman of First HoldCo Plc, Femi Otedola, increased his shareholding in the company to 21.96 per cent yesterday with acquisition of an additional 706.13 million shares valued at N77.58 billion.

This was disclosed in a filing obtained from the Nigerian Exchange (NGX), as the latest acquisition raised the volume of shares under his control from 9.28 billion to 9.986 billion.  The shares were acquired through his investment vehicle, Calvados Global Services Limited.

Following the transaction, the value of Otedola’s total investment in First HoldCo rose to N1.048 trillion with the company’s share price at N105 per share at the close of trading yesterday, a sharp increase from the N566.43 billion worth of his holdings as at June 18, 2026.

It will be recalled that in June, Otedola purchased 680 million shares in First HoldCo through a private placement in a deal worth N29.6 billion, further consolidating his ownership in the company.

The insider purchase comes barely a day after First HoldCo became the first Nigerian banking stock to cross the N5 trillion market capitalization milestone during intraday trading,    showing its position as the one of the most valuable listed banking institution.

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