Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has deepened his investment in Nigeria’s oldest banking group after acquiring an additional 706.13 million ordinary shares valued at approximately N77.59 billion, further cementing his position as one of the company’s largest shareholders.
A regulatory filing on the Nigerian Exchange (NGX) showed that the transaction was executed on July 22, 2026, through Calvados Global Services Limited, Otedola’s principal investment vehicle. The shares were purchased at N109.88 each, with the disclosure classified as an initial notification of insider dealing, a standard reporting requirement for transactions involving company insiders or significant shareholders.
The latest acquisition raises Otedola’s ownership in First HoldCo from about 20.4% to 21.95%, increasing the number of shares under his control from 9.28 billion to approximately 9.99 billion.
Based on the company’s prevailing market price, Otedola’s investment in First HoldCo is now worth about N1.04 trillion, underscoring the remarkable appreciation in the banking group’s share price over recent months. The increase also narrows the gap with RC Investment, First HoldCo’s largest shareholder, which holds an estimated 22.94% stake.
The purchase comes as First HoldCo continues to post record financial and market performance. During the week, the lender became the first Nigerian banking stock to cross the N5 trillion market capitalisation mark during intraday trading, reflecting sustained investor confidence in the company’s earnings outlook and recapitalisation strategy.
For the six months ended June 30, 2026, the financial services group reported a pre-tax profit of N653.54 billion, representing an 83.5% year-on-year increase from N356.15 billion in the corresponding period of 2025. Interest income climbed to N1.40 trillion, while net interest income reached N879.13 billion, highlighting the benefits of higher interest rates, stronger lending activities and improved balance sheet performance.
Otedola’s latest investment extends a series of strategic share purchases over the past year. It follows a N29.6 billion private placement involving 680 million shares completed last month, as well as another major acquisition valued at N43.41 billion in May 2025.
Market analysts view the continued accumulation as a strong vote of confidence in First HoldCo’s long-term prospects and its ongoing capital strengthening programme. While market speculation has suggested that Otedola could eventually seek a controlling stake, neither the businessman nor the company has publicly confirmed such intentions.
Formerly known as FBN Holdings Plc, First HoldCo adopted its new corporate identity in 2024 and maintains a free float of 56.59%. Its shares have gained about 120% year-to-date, making the stock one of the Nigerian Exchange’s best-performing banking equities in 2026 as investors continue to reward the group’s improving profitability, stronger governance and growth outlook.
