Femi Otedola, chairman of First HoldCo Plc, has increased his stake in the financial services group to 27.49% after acquiring an additional 147.7 million shares valued at N20.7 billion.
The transaction, disclosed in a regulatory filing signed by Company Secretary Abiola Baruwa and submitted to the Nigerian Exchange (NGX), was executed through Calvados Global Services Limited, Otedola’s investment vehicle. He purchased 147,737,699 ordinary shares at N140 each on Monday, August 17, 2026. The block represents about 0.33% of the company’s outstanding shares.
Following the deal, Otedola’s total beneficial interest stands at approximately 12.05 billion shares. At the closing share price of N136.90 on the day of the disclosure, the position was valued at roughly N1.65 trillion, underscoring the scale of his commitment to Nigeria’s oldest banking group.
The latest purchase forms part of a sustained accumulation campaign that has seen Otedola steadily raise his ownership since becoming the largest shareholder in 2021 and later assuming the chairmanship. Earlier in 2026, he participated in a private placement and executed several large open-market and block transactions, including a N222.2 billion purchase of 1.78 billion shares in late July that lifted his stake above 25%.
Nigerian takeover regulations require a mandatory offer for the remaining shares once a shareholder crosses the 30% threshold. At 27.49%, Otedola remains below that level but has publicly indicated an intention to build a controlling interest exceeding 51%, arguing that majority ownership would provide the leverage needed to drive deeper reforms and long-term value creation.
He has stated that he has already invested more than N600 billion of personal capital in First HoldCo, describing the outlay as a reflection of confidence in the group’s fundamentals rather than short-term speculation.
The share purchases come amid a strong recovery in First HoldCo’s financial performance. The group reported sharp rises in profit before tax and return on equity in the first half of 2026, supported by balance-sheet clean-up efforts, including significant impairment charges on legacy non-performing loans, and improved capitalisation. The stock has been among the best-performing banking shares on the NGX this year, helping push First HoldCo’s market capitalisation past several peers.
Otedola’s continued buying has reinforced investor confidence, with the share price remaining elevated relative to levels at the start of the year. The transactions also highlight the growing role of high-net-worth individuals and strategic investors in reshaping ownership of major Nigerian financial institutions.
For First HoldCo and its subsidiary First Bank of Nigeria, the deepening of Otedola’s stake signals continuity of the turnaround strategy he has championed. For the broader market, it illustrates how concentrated ownership can support governance reforms while raising questions about free-float dynamics and minority shareholder protections.
As Otedola edges closer to the 30% threshold that would trigger mandatory offer obligations, market participants will monitor subsequent filings closely. Whether he ultimately seeks majority control or maintains a substantial but non-controlling position, the latest N20.7 billion commitment reaffirms his conviction in the long-term prospects of one of Nigeria’s most systemically important banking groups.
