Otedola Acquires N77.6bn Stake in First HoldCo Plc

Femi Otedola, Chairman of First HoldCo Plc, announced the acquisition of 706.13 million ordinary shares valued at approximately N77.6 billion in a single transaction on the Nigerian Exchange Limited (NGX). This purchase raises Otedola's total shareholding to 9,277,792,037 shares, representing 21.95% of the company.

The acquisition was executed through Calvados Global Services Limited at a price of N109.88 per share on July 22, 2026. The transaction is classified as an initial notification of insider dealing, highlighting Otedola's significant shareholder status.

This acquisition is one of the largest insider purchases on the Exchange this year and comes after First HoldCo reported record half-year earnings and became the first Nigerian banking stock to exceed a N5 trillion market capitalization. Otedola's long-term commitment to the financial institution is evident, as he has historically maintained dominant ownership in companies where he has strategic control.