Kayode Tokede
The Chairman of First Holdo Plc, Mr. Femi Otedola, has increased his stake in First Holdings, following his fresh acquisition of 138.04 million ordinary shares valued at about N18.11 billion.
The regulatory filing on the Nigerian Exchange Limited (NGX) revealed that the shares were purchased by Calvados Global Services Limited, a company linked to Otedola as a significant shareholder, at N131.20 per share on the Exchange.
The transaction completed on August 6, raised Otedola’s holdings from 25.8 per cent in 2025, to 26.7 per cent (11,901,059,657 billion shares), further strengthening his position in the financial services group.
The billionaire investor in July 2026 had acquired additional 2,485,226,155 shares of the Group to hike its stake to 26 per cent.
His latest acquisition and the impressive corporate earnings reported by the holding company, followed a strong rally in First HoldCo’s share price on the Nigerian bourse.
Shares in the company have surged this week, gaining N15.85 per share or 12.23per cent Week-on- Week (WoW) to close yesterday, at N145.40 per share from N129.55 per share the stock closed for trading in July 2026.
Also, the Group stock has advanced by more than 203.5per cent since the start of the year, driven by sustained investor demand and expectations around ongoing reforms under Otedola’s leadership.
The stock recently climbed to an all-time high of N140 per share, pushing the company’s market capitalisation to N6.37 trillion and reinforcing its status as Nigeria’s most valuable listed banking group.
The latest move comes shortly after Otedola signalled plans to increase his stake beyond the current level. In a recent interview, he disclosed that he has invested over N600 billion of his personal wealth in the lender, describing it as a long-term commitment.
“My investment threshold is always over and above 51 per cent,” he had said. “One of my key investment principles is that firm shareholder control, with due regard for minority interest, is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders.”