Otedola raises First HoldCo stake to 21.96% with N77.6bn share purchase

….Investment value hits N1.04tn

CHAIRMAN of First HoldCo Plc, Mr Femi Otedola, has increased his ownership in First Holdco to 21.96 percent after purchasing an additional 706.13 million shares worth N77.58 billion.

A share dealing by an insider filing submitted to the Nigerian Exchange (NGX) on Wednesday showed that the latest acquisition lifted Otedola’s stake from 20.42 percent to 21.96 percent, further strengthening his position as the company’s largest shareholder.

The disclosure indicated that the billionaire investor acquired the shares through his investment vehicle, Calvados Global Services Limited. Following the transaction, the total number of First HoldCo shares under his control increased from 9.28 billion to 9.99 billion.

The latest purchase has significantly increased the market value of Otedola’s investment in First HoldCo. Based on the current valuation, his holdings are now worth about N1.04 trillion, compared with N566.43 billion as of June 18, reflecting the sharp appreciation in the company’s share price alongside the increase in his shareholding.

As at the time First Holdco released its first quarter (Q1) 2026 financial statement, Otdela had 7.31 percent direct holding and 10.81 percent indirect holding in First Holdco.

Otedola has steadily expanded his interest in First HoldCo over the past year through a series of strategic acquisitions, reinforcing his long-term commitment to the financial institution. The latest purchase further consolidates his influence in the company as it continues to pursue growth and transformation initiatives.