Billionaire investor and First HoldCo Chairman Femi Otedola has significantly increased his stake in the financial services group after acquiring an additional 1.779 billion shares valued at approximately ₦222.2 billion.
The transaction, disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX), was executed through Otedola’s investment vehicle, Calvados Global Services Limited. The latest purchase pushes his overall holding in First HoldCo to about 25.87 per cent, further strengthening his position as one of the company’s largest shareholders.
The acquisition comes just days after Otedola made another major purchase. On July 22, he acquired 706.13 million shares worth ₦77.58 billion, taking his stake to 21.96 per cent at the time. His total investment in the company was then valued at about ₦1.048 trillion.
The latest transaction therefore represents another substantial increase in Otedola’s exposure to First HoldCo in a matter of days, signalling his continued confidence in the banking group.
First HoldCo, the parent company of FirstBank Nigeria, has become one of the most valuable financial stocks on the NGX. The company’s market capitalisation recently crossed the ₦5 trillion mark during intraday trading, highlighting its growing importance within Nigeria’s banking sector.
Otedola’s latest move also continues a broader pattern of accumulating shares in First HoldCo. His stake has risen sharply over the past year as he has repeatedly bought shares directly and through Calvados Global Services.
The billionaire’s increasing ownership comes as Nigerian banks undergo significant capital restructuring following the Central Bank of Nigeria’s recapitalization requirements. For investors, Otedola’s continued accumulation could be viewed as a strong vote of confidence in First HoldCo’s long-term prospects, while also giving him greater influence over the group’s future direction.
The ₦222.2 billion purchase ranks among Otedola’s largest recent investments in the company and further cements his position as a major force behind First HoldCo.
