Otedola raises First HoldCo stake with fresh N18bn acquisition

FEMI Otedola has further increased his ownership of First HoldCo Plc after acquiring an additional 138.04 million ordinary shares valued at approximately N18.11 billion.

The latest transaction reinforces the billionaire businessman’s growing influence in the financial services group and comes only days after he indicated that he could increase his stake beyond the roughly 26 percent position he currently holds.

According to a regulatory filing dated August 7, Calvados Global Services Limited, a company associated with Otedola as a significant shareholder, purchased 138,041,465 First HoldCo shares on August 6.

The shares were acquired at N131.20 each through the Nigerian Exchange (NGX), bringing the total value of the transaction to about N18.11 billion.

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Following the purchase, Otedola’s indirect and direct interests in First HoldCo increased from approximately 11.85 billion shares, representing 25.8 percent of the company, to about 11.99 billion shares, equivalent to a 26.1 percent stake.

The latest acquisition adds to a series of investments that have significantly increased Otedola’s ownership of the financial services group and strengthened his position as one of its largest shareholders.

The transaction also comes against the backdrop of Otedola’s recent comments on his investment strategy and his long-term plans for First HoldCo.

Speaking in an interview on August 3, Otedola said he had invested more than N600 billion of his personal wealth in the financial institution.

He described the commitment as a “long-term generational commitment.”, stressing that his interest in the group should not be viewed simply as a turnaround investment.

His comments came amid speculation that he could further raise his ownership in First HoldCo.

Otedola indicated that his investment philosophy generally favours substantial shareholder control, suggesting that his current position may not represent the ceiling for his interest in the company.

“My investment threshold is always over and above 51 percent,” he said.

He also said strong shareholder control, while taking minority shareholders into consideration, is important for implementing reforms and restructuring businesses in order to create value for all stakeholders.

The latest purchase therefore provides further evidence of Otedola’s continued commitment to First HoldCo, particularly as the group undergoes a transformation under his influence.

Meanwhile, the acquisition comes at a time when First HoldCo’s share price has recorded a significant rally on the NGX.

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The company’s shares rose to an all-time high of N140 per share on Thursday, pushing its market capitalisation to approximately N6.37 trillion.

The valuation places First HoldCo ahead of other listed banking groups on the Nigerian Exchange (NGX) in terms of market capitalisation, making it the country’s most valuable listed banking group.

The strong performance of the stock has also substantially increased the value of Otedola’s investment in the company.

First HoldCo shares have gained more than 190 percent since the beginning of 2026, supported by strong investor demand and positive expectations around the group’s ongoing transformation.

The rally has occurred alongside heightened market attention on Otedola’s role in the company and his stated intention to pursue long-term value creation.

With his latest acquisition taking his stake to 26.1 percent, further purchases by Otedola could become an important development for investors tracking the ownership structure and strategic direction of First HoldCo.

The businessman’s disclosure that his preferred investment threshold is above 51 percent has also kept speculation alive over whether he could eventually seek majority control of the financial services group.

For now, however, the latest N18.11 billion purchase takes his holding above the 26 percent mark and further consolidates his position as a major shareholder in First HoldCo.