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Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial services group to 21.96 per cent after acquiring additional shares valued at N77.58 billion, further consolidating his position as the company’s largest shareholder.
A notice of insider share dealing filed with the Nigerian Exchange Limited (NGX) on Wednesday showed that Otedola acquired 706.13 million ordinary shares through his investment vehicle, Calvados Global Services Limited.
The latest acquisition increased his shareholding from 20.42 per cent to 21.96 per cent, while the total number of shares under his control rose from 9.28 billion to 9.99 billion.
Based on the current market price of FirstHoldCo shares, Otedola’s investment in the company is now valued at approximately N1.04 trillion, a sharp increase from the N566.43 billion valuation recorded on June 18.
The acquisition comes amid strong investor interest in FirstHoldCo following the release of its impressive half-year 2026 financial results. The group’s shares have rallied significantly on the Nigerian Exchange in recent days, pushing its market capitalisation above N5 trillion and making it the country’s most valuable listed banking stock.
The latest purchase also follows another major investment by Otedola last month, when he acquired 680 million shares in the financial institution through a private placement worth N29.6 billion.
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The billionaire businessman has steadily increased his stake in FirstHoldCo since assuming the role of chairman, reinforcing market confidence in the group’s long-term growth strategy.
Market analysts say Otedola’s continued investment reflects strong confidence in the bank’s future prospects, particularly as the banking industry undergoes recapitalisation and lenders seek to strengthen their capital base in line with the Central Bank of Nigeria’s requirements.
Investors have also reacted positively to FirstHoldCo’s recent financial performance, with the group reporting strong growth in earnings and profitability in the first half of 2026.
The company’s sustained share price rally has significantly boosted shareholder value and cemented its position as one of the top-performing banking stocks on the Nigerian Exchange this year.
Otedola’s latest acquisition further underscores his long-term commitment to the financial institution and is expected to strengthen investor confidence as the group continues its growth and expansion plans.
