Chairman of First HoldCo Plc, Olufemi Otedola, has increased his ownership in the company after purchasing additional shares worth about N43.41 billion.
The latest transaction was carried out through his investment firm, Calvados Global Services Limited, which acquired 549.5 million ordinary shares at an average price of N79 per share on the Nigerian Exchange (NGX).
The massive share purchase further strengthens Otedola’s position as one of the key investors in the financial services group. Following the acquisition, his total stake in First HoldCo rose from 18.12 per cent to 19.35 per cent. His shareholding now stands at about 8.60 billion shares.
Despite the increase, Otedola remains the second-largest shareholder in the company. The largest shareholder is RC Investment Management Ltd, which currently controls about 23.47 per cent of the group’s shares.
The renewed interest in First HoldCo shares also sparked major activity on the Nigerian stock market. Trading volume in the company’s shares exceeded 575 million units on Wednesday, making it the highest daily trading figure recorded by the company so far in 2026.
The development also boosted the company’s stock performance, as its year-to-date return climbed above 57 per cent. Market analysts believe investors are responding positively to the company’s strong financial performance and future growth plans.
The latest purchase came shortly after an executive director of the company, Anil Dua, also bought additional shares valued at about N177.95 million.
Attention is now turning to the company’s upcoming Annual General Meeting scheduled for May 29, 2026. During the meeting, shareholders are expected to review plans by the company to raise about N253 billion to strengthen its financial position.
According to the company, the fundraising exercise may be carried out through several methods, including a public offer, private placement, rights issue, bonus issue, share issuance, or scrip dividend.
The broader goal is to help the group achieve a capital base target of N1 trillion, including share premium, as financial institutions continue adjusting to new capital requirements in the banking sector.
Investor confidence in First HoldCo has also been supported by the company’s impressive first-quarter financial results for 2026.
Its unaudited report showed that profit before tax increased by 72.2 per cent, rising from N186.4 billion in the first quarter of 2025 to N321.1 billion in the same period of 2026.
The company also recorded growth in interest income, which rose to N704.4 billion from N625.2 billion. This increase was largely driven by earnings from customer loans, investment securities, and loans provided to banks.
In addition, net fees and commission income grew from N64.1 billion to N78.9 billion, while operating profit climbed to N320 billion.
First HoldCo’s balance sheet also remained strong during the period. Total equity increased to N3.4 trillion, while retained earnings rose significantly from N401.7 billion to N667.9 billion.
The strong financial performance and increased shareholder investments have continued to position First HoldCo as one of the most closely watched financial institutions on the Nigerian stock market.
