Billionaire investor and Chairman of First HoldCo Plc, Mr. Femi Otedola, has further strengthened his position as the largest shareholder in the financial services group with the acquisition of an additional 1,779,094,976 ordinary shares valued at approximately ₦222.2 billion.
The transaction, executed on the Nigerian Exchange Limited (NGX) at ₦124.90 per share through his investment vehicle, Calvados Global Services Limited, increases Otedola’s total beneficial shareholding to 11,763,018,192 shares. This represents approximately 25.87% (rounded to 26% in some reports) of First HoldCo’s issued share capital.
The latest purchase marks Otedola’s second significant acquisition in First HoldCo within July 2026. On 22 July, Calvados Global Services Limited acquired about 706.13 million shares valued at roughly ₦77.6 billion. Combined, the two deals represent nearly ₦300 billion in fresh investments in the group in just over a week.
At the transaction price, Otedola’s overall stake in First HoldCo is now valued at approximately ₦1.47 trillion, making it one of the largest individual equity positions in Nigeria’s financial services sector on the NGX.
First HoldCo Plc is the holding company of First Bank of Nigeria Limited, the country’s oldest financial institution, founded in 1894. Otedola has steadily increased his direct and indirect holdings over recent years and assumed the chairmanship of the group. The continued accumulation underscores his long-term confidence in the institution’s prospects amid stronger earnings performance and heightened investor interest, which has seen First HoldCo emerge as one of Nigeria’s most valuable banking stocks by market capitalisation.
Under Nigerian securities regulations, a shareholder who crosses the 30% ownership threshold in a listed company is required to make a mandatory takeover offer for the remaining shares. Otedola’s current stake places him within striking distance of that level, though he has consistently described his purchases as a long-term investment rather than a bid for full control.
The acquisition was disclosed in a regulatory filing submitted to the Nigerian Exchange.