Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial services group following the acquisition of an additional 138.04 million ordinary shares valued at N18.11 billion.
The transaction was disclosed in a regulatory filing signed by the Group Company Secretary of First HoldCo, Abiola Baruwa, on Friday.
According to the filing, the shares were purchased on August 6, 2026, increasing Otedola’s total shareholding in the company from 11.76 billion shares to 11.90 billion shares.
The new holding represents approximately 26.1% of First HoldCo’s outstanding shares, further strengthening Otedola’s position as the company’s largest shareholder.
The filing showed that Calvados Global Services Limited, a company linked to Otedola as a significant shareholder, acquired 138,041,465 ordinary shares at N131.20 per share on the Nigerian Exchange (NGX).
Following the transaction, Otedola’s shareholding increased from 11,763,018,192 shares to 11,901,059,657 shares.
The latest purchase comes amid a strong rally in First HoldCo’s share price, with the stock trading at N148.35 on Friday.
The share price represents a year-to-date gain of about 209.7%, supported by investor confidence and optimism over the group’s transformation plans.
At the current market price, Otedola’s 11.90 billion-share holding is valued at approximately N1.77 trillion.
The acquisition follows a series of major purchases by Otedola and entities linked to him.
A week earlier, he acquired 1.779 billion ordinary shares valued at about N222.2 billion, while Calvados Global Services Limited previously purchased 706.13 million shares worth N77.6 billion.
The combined transactions represent investments of nearly N300 billion in First HoldCo within a little over one week, highlighting Otedola’s confidence in the group’s long-term growth prospects.
The latest purchase comes days after Otedola disclosed that he plans to build a controlling stake of more than 51% in First HoldCo.
He said majority ownership would be important for implementing reforms and restructuring initiatives aimed at unlocking long-term shareholder value.
Otedola pointed to his previous investments in Forte Oil Plc and Geregu Power Plc as examples of his approach to building value through increased ownership and strategic transformation.
He said he raised his stake in African Petroleum Plc, later renamed Forte Oil Plc, from 28% to 75% before exiting the business in 2019.
He also followed a similar strategy at Geregu Power Plc, increasing his ownership from 51% to 95% before reducing it to 77% after the company’s listing on the Nigerian Exchange in 2022.
The latest acquisition reinforces Otedola’s commitment to First HoldCo and signals his intention to take a more influential role in shaping the future direction of the financial services group.
