Otedola Boosts First HoldCo Holdings with N77.6bn Acquisition

Femi Otedola, the Chairman of First HoldCo Plc, has significantly increased his investment in the company by acquiring 706.13 million ordinary shares valued at approximately N77.6 billion on the Nigerian Exchange (NGX). This acquisition, disclosed in a regulatory filing on Wednesday, occurred shortly after First HoldCo reported record half-year earnings and became the first Nigerian banking stock to exceed a N5 trillion market capitalisation.

Following this transaction, Otedola’s total direct and indirect holdings rose to 9,277,792,037 shares, representing about 21.95% of the company's issued share capital, reinforcing his status as the largest shareholder. The shares were purchased by Calvados Global Services Limited, a company linked to Otedola, at N109.88 per share on July 22, 2026.

This insider purchase is among the largest disclosed this year and reflects renewed investor confidence in First HoldCo's long-term prospects, driven by strong earnings and improved asset quality.