Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial services group after acquiring an additional 95.7 million ordinary shares valued at N12.58 billion.
The transaction was disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX) on Monday and signed by the Group Company Secretary, Abiola Baruwa.
According to the filing, Otedola acquired the shares through Calvados Global Services Limited, his investment vehicle. The company purchased 95,699,240 ordinary shares of First HoldCo at N131.48 per share on August 24, 2026.
The latest acquisition increases Otedola’s total shareholding in First HoldCo from approximately 12.05 billion shares to 12.15 billion shares, taking his ownership stake in the company to about 26.6%.
The purchase further strengthens Otedola’s position as First HoldCo’s largest shareholder and comes amid sustained investor interest in the company’s shares, which have been among the best-performing banking stocks on the NGX this year.
First HoldCo closed trading at N127.90 per share on Monday, representing a year-to-date gain of 162.09%. At the current market price, Otedola’s total stake in the company is estimated to be worth approximately N1.56 trillion.
The latest purchase is part of a series of significant investments Otedola has made in First HoldCo in recent months.
Last week, the billionaire investor acquired an additional 147.74 million shares valued at N20.68 billion. This followed another purchase of 138.04 million shares worth N18.11 billion earlier in August.
In July, Otedola completed two major acquisitions, purchasing 1.779 billion shares valued at approximately N222.2 billion and another 706.13 million shares worth about N77.6 billion.
The continued purchases underscore Otedola’s strategy of increasing his influence within the financial services group.
The latest acquisition also comes shortly after Otedola disclosed plans to build a controlling stake of more than 51% in First HoldCo.
Speaking to Nairametrics, he said majority ownership would provide the flexibility required to implement reforms, execute restructuring initiatives and drive long-term shareholder value creation.
Otedola pointed to his investment history at Forte Oil Plc and Geregu Power Plc as examples of his approach to corporate transformation.
At Forte Oil, formerly African Petroleum Plc, he increased his ownership from 28% to 75% before exiting the company in 2019. At Geregu Power, he raised his stake from 51% to 95% before reducing it to 77% following the company’s listing on the Nigerian Exchange in 2022.
First HoldCo has remained one of the standout performers on the NGX in 2026, supported by renewed investor confidence, strong market momentum and expectations surrounding the group’s ongoing transformation strategy.
