Femi Otedola, Chairman of First HoldCo Plc, has further increased his stake in the financial services group after purchasing shares worth about N20.7 billion, reinforcing his growing influence over one of Nigeria’s major banking institutions. The latest acquisition highlights the billionaire investor’s continued confidence in the company and his broader long-term interest in Nigeria’s financial sector.
The transaction, carried out on August 14 through Otedola’s investment vehicle, Calvados Global Services Limited, involved the purchase of 147,737,699 First HoldCo shares at N140 each. The latest move comes as Otedola continues to build his position in the company, with his growing ownership attracting significant attention from investors and market watchers.
Otedola has previously indicated that he is targeting more than 51 percent ownership of First HoldCo, a move that would give him outright majority control of the financial group. His steady accumulation of shares has therefore become one of the notable developments in Nigeria’s stock market, particularly as the First HoldCo share price has recorded a remarkable rise this year.
The stock has gained approximately 192.28 percent year-to-date, rising from a 52-week low of N29.25 to N140 as of the close of trading on Monday, August 17. First HoldCo also reached an intraday high of N150 in early August, reflecting strong demand for the shares. Otedola’s purchases have added further momentum to the stock, while the company’s financial performance has also supported investor interest.
Otedola has reportedly invested about N391 billion in First HoldCo shares in 2026 alone, through a series of major acquisitions. His buying spree has included several large transactions between May and August, with his largest single purchase coming in late July when he acquired about 1.78 billion shares for N222.21 billion. With the latest N20.7 billion investment, Otedola is moving even closer to his stated majority-ownership target, making his next moves in First HoldCo a development investors will be watching closely.
source: Business day
