Otedola Acquires N18bn Shares, Strengthens First HoldCo Control

Femi Otedola, the Group Chairman of First HoldCo Plc, has solidified his controlling stake in the company by acquiring 138,041,465 ordinary shares for a total of N18,111,040,208.00 (N18.11bn) on August 6, 2026. This transaction, executed by Calvados Global Services Limited, was disclosed to the Nigerian Exchange Limited (NGX) on August 7, 2026, by Group Company Secretary Abiola Baruwa.

The shares were purchased at an execution price of N131.20 each, marking one of the largest insider equity acquisitions on the Nigerian bourse this year. Following this purchase, Otedola's total beneficial shareholding in First HoldCo Plc has increased to approximately 27.16% of the company's total issued share capital.

This acquisition is part of Otedola's ongoing strategy to support First HoldCo's recapitalization in line with directives from the Central Bank of Nigeria. Otedola expressed confidence in the institution's future and his commitment to long-term value creation.