Femi Otedola’s stake in First HoldCo Plc has increased significantly in value, reaching approximately N1.82 trillion following a sharp rise in the company’s share price.
The billionaire businessman and Chairman of First HoldCo has expanded his interest in the financial services group through additional share purchases linked to an entity associated with him. The increase followed the acquisition of 2.867 billion First HoldCo shares by Calvados Global Services Limited, an Otedola related company. The shares were purchased through five transactions carried out between late July and August 2026.
According to filings with the Nigerian Exchange Limited, Calvados spent about N351.17 billion on the purchases. Before the additional acquisitions, Otedola had disclosed direct and indirect ownership of 9.278 billion First HoldCo shares as of June 30, 2026. This represented 20.40 per cent of the company.
Following the new purchases by Calvados, his combined direct and associated interests increased to about 12.145 billion shares. This represents approximately 26.71 per cent of First HoldCo’s 45.475 billion issued shares. The increase in his stake has also coincided with a strong rise in First HoldCo’s share price. At the end of June, when the company released its half year financial results, its shares were valued at N56.05 each. However, the stock has since climbed substantially and closed at N149.90 on September 2, 2026.
Based on the current share price, Otedola’s combined interest is now worth about N1.821 trillion. The latest valuation represents a significant increase from the approximately N520.02 billion value of his disclosed holding at the end of June. The additional 2.867 billion shares acquired through Calvados contributed substantially to the increase. The transactions also resulted in a major rise in Otedola’s overall ownership position.
One of the transactions stood out because of its size. On July 30, Calvados acquired 1.779 billion First HoldCo shares at N124.90 each. The purchase represented about 3.91 per cent of the company’s issued share capital. The July transaction accounted for roughly 63 per cent of the total N351.17 billion spent across the five purchases. The shares were acquired at different prices as the stock continued to rise. The purchase prices ranged from N109.88 to N140 per share between late July and August.
Otedola first became a major shareholder in the former FBN Holdings in 2021 and became Chairman of First HoldCo in January 2024. He has previously described his investment in the company as a deliberate and gradual effort to rescue, rebuild and reposition the financial institution. His interest in First HoldCo has continued to increase over the years. His stake was reported at 18.12 per cent in 2025 before rising to 20.40 per cent by June 2026.
Otedola has also indicated that he generally targets ownership levels above 51 per cent, referring to his previous strategies at Forte Oil and Geregu Power. The latest development further strengthens his position as one of the most influential shareholders in First HoldCo, while the rising share price has significantly increased the market value of his investment. It is important to note that the N1.821 trillion figure represents the current market value of Otedola’s implied stake based on the September 2 closing price. It does not represent the amount he spent to acquire the shares.
