Otedola Boosts Control in First HoldCo with ₦43.41B Purchase

Olufemi Otedola, the billionaire investor and chairman of First HoldCo Plc, has enhanced his control of the company following a major share acquisition valued at approximately ₦43.41 billion. This transaction, executed on May 13, 2026, involved the purchase of 549,535,653 shares at an average price of ₦79 per share.

As a result, Otedola's stake in First HoldCo has risen above 8.6 billion shares, increasing his total shareholding to 8,055,314,486 units. The acquisition has further consolidated his influence in the financial services conglomerate, which remains under close scrutiny in Nigeria's banking sector.

The transaction has triggered heightened investor interest, with trading volume surging to 563 million shares mid-session, underscoring strong market participation. The stock's year-to-date return has advanced beyond 57 percent, reflecting sustained investor confidence and bullish sentiment around the group's strategic direction.

Market watchers interpret Otedola's additional investment as a vote of confidence in the bank's restructuring efforts and long-term growth prospects.