Billionaire businessman and Group Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial services group after acquiring shares worth N18.11 billion through a company linked to him.
The latest purchase further strengthens Otedola’s position as the largest individual shareholder in First HoldCo, the parent company of FirstBank Nigeria.
According to a regulatory disclosure filed with the Nigerian Exchange Limited (NGX) on Friday, August 7, 2026, Calvados Global Services Limited purchased 138,041,465 ordinary shares of First HoldCo.
The shares were bought on Thursday, August 6, at N131.20 per share, bringing the total value of the transaction to approximately N18.11 billion.
Calvados Global Services is identified as an entity associated with Otedola, making the transaction an insider-related share purchase that was disclosed to the market in line with regulatory requirements.
The latest acquisition is part of a broader increase in Otedola’s investment in First HoldCo. It comes less than three weeks after other major purchases of the company’s shares by entities connected to the billionaire.
Following the latest transaction, Otedola’s beneficial ownership in First HoldCo has risen to approximately 27.16 per cent of the company’s issued shares.
The continued accumulation of shares comes at a significant period for First HoldCo as the group works to strengthen its capital base.
The banking group is currently navigating the recapitalisation requirements introduced by the Central Bank of Nigeria for banks and financial institutions. The exercise is expected to strengthen the financial system and ensure that institutions have sufficient capital to support future growth.
Otedola has repeatedly indicated that his growing investment in First HoldCo is based on a long-term strategy rather than short-term trading.
He has said his focus is on creating lasting value and supporting the institution’s future growth. His increasing ownership therefore signals a strong commitment to the company and its long-term direction.
Market observers are also watching the development closely because large insider purchases can influence investor confidence. When a major shareholder increases exposure to a company, other investors may interpret the move as a sign that the investor sees potential for future growth.
Capital market analyst Ade Ojapa said the size of the transaction could attract greater attention to First HoldCo shares and increase activity around the stock.
He noted that investors would be assessing the deal alongside the company’s financial performance, recapitalisation plans and prospects for stronger earnings.
The N18.11 billion purchase also adds to the growing activity around First HoldCo’s shares on the NGX, particularly as the financial services group continues to position itself for the next phase of expansion.
For Otedola, the latest acquisition further cements his influence within the group. With his stake now above 27 per cent, his decisions and investment strategy remain an important factor for investors following the company.
The development is expected to keep First HoldCo in focus as shareholders assess the impact of recapitalisation, changing market conditions and the billionaire investor’s long-term plans for the financial institution.
