JUST IN: Femi Otedola Acquires N77.6bn First HoldCo Shares, Stake Rises To 21.95%

Billionaire tycoon and Chairman of First HoldCo Plc, Mr. Femi Otedola, has increased his stake in the financial holding company after a related entity acquired shares worth approximately N77.6 billion on the Nigerian Exchange, NGX.

The transaction was disclosed in a regulatory filing submitted to the NGX on Wednesday, July 22, 2026.

According to the filing, Calvados Global Services Limited, identified as “a company related to a significant shareholder – Mr. Olufemi Otedola, CON,” purchased 706,131,179 ordinary shares at N109.88 per share.

The transaction is valued at about N77.59 billion and was classified as an initial notification of insider dealing.

With the latest purchase, Otedola’s combined holding rises to 9,277,792,037 shares, representing 21.95% of First HoldCo, based on company disclosures.

Before the acquisition, First HoldCo’s June 30, 2026 shareholding disclosure showed Otedola held 3,251,346,245 shares directly and 6,026,445,792 shares indirectly, a combined 20.4% stake. The company’s next official shareholding update will confirm the exact post-transaction percentage.

The acquisition comes days after First HoldCo reported record half-year results and became the first Nigerian banking stock to surpass a N5 trillion market capitalization during intraday trading.

For the six months ended June 30, 2026, the Group reported:
– Pre-tax profit: N653.54 billion, up 83.5% year-on-year from N356.15 billion in H1 2025
– Interest income: N1.40 trillion
– Net interest income: N879.13 billion
– Net fee and commission income: N178.51 billion

The company also cited continued improvements in asset quality, capital adequacy, and operating efficiency.

First HoldCo shares have been among the NGX’s top performers in 2026 amid improved earnings and investor confidence.

The latest insider purchase is one of the largest disclosed insider acquisitions on the NGX this year.

First HoldCo maintains a broad shareholder base, with a free float of 56.59% as of its latest half-year financial statements, according to company data.

There has been market speculation about Otedola’s long-term plans for the holding company, including the possibility of seeking a controlling stake.

Otedola has historically taken significant ownership positions in companies where he exercises strategic oversight.

He previously held about 78% of Geregu Power Plc before gradually reducing the stake.

First HoldCo said the transaction reinforces the Chairman’s long-term commitment to the institution he has helped reposition over the past few years.