JUST IN: Otedola buys N222bn additional First HoldCo shares to boost stake
July 30, 2026 12:53 pm
Femi Otedola. Credit: X/Fems Otedola
Billionaire businessman Femi Otedola has increased his stake in First HoldCo Plc after acquiring an additional 1.77 billion shares in the financial institution through his investment vehicle, Calvados Global Services Limited.
A regulatory filing obtained from the Nigerian Exchange (NGX) showed that the transaction, valued at N222.20 billion, was executed on Thursday.
The latest acquisition raises Otedola’s shareholding in First HoldCo from 9.99 billion shares to 11.77 billion shares, increasing his ownership stake from 21.96 per cent to 25.88 per cent.
The purchase marks Otedola’s second major investment in the bank in July. On July 22, he acquired 706.13 million shares valued at N77.58 billion, further strengthening his position as the company’s largest shareholder.
With the latest transaction, Otedola’s investment in First HoldCo is now estimated at N1.47 trillion, making him the single largest investor in the financial institution.
Under the Investments and Securities Act and the Securities and Exchange Commission’s rules on mergers and acquisitions, any shareholder who acquires 30 per cent or more of the voting shares in a publicly listed company is required to make a mandatory takeover offer to the remaining shareholders.
Otedola’s increased investment comes weeks after First HoldCo emerged as Nigeria’s most valuable banking stock by market capitalisation, overtaking Zenith Bank following a sustained rally in its share price on the Nigerian Exchange.
More to come…
Olugbenga Ige is a journalist at Punch Newspapers with over nine years of professional reporting experience. He is known for his sharp eye for compelling stories and a strong instinct for identifying newsworthy developments. Over the years, Olugbenga has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience, editorial judgment, and a commitment to accurate, impactful journalism.
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