Otedola Raises First HoldCo Ownership Stake

Nigerian businessman Femi Otedola has increased his ownership stake in First HoldCo Plc to 26.1%, moving closer to his ambition of securing majority control of the financial services group after acquiring an additional 138.04 million ordinary shares valued at N18.11 billion.

The latest purchase, disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX) on Friday, increased Otedola’s holdings from 11.76 billion shares to 11.90 billion shares, strengthening his position as First HoldCo’s largest shareholder.

The filing, signed by Group Company Secretary Abiola Baruwa, revealed that Calvados Global Services Limited, a company associated with Otedola, purchased 138,041,465 shares at N131.20 per share on August 6, 2026.

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The acquisition follows Otedola’s recent declaration of plans to build a controlling interest of more than 51% in First HoldCo. The billionaire investor said majority ownership would enable him to implement reforms and restructuring needed to unlock long-term value for shareholders.

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The latest transaction extends a major buying spree that has seen Otedola and affiliated entities commit nearly N300 billion to acquiring First HoldCo shares in just over a week.

Last week, Otedola bought 1.779 billion shares worth about N222.2 billion, following an earlier acquisition of 706.13 million shares valued at N77.6 billion by Calvados Global Services Limited.

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The sustained purchases have coincided with stronger investor sentiment towards the company. First HoldCo shares closed trading at N148.35 on Friday, representing a year-to-date increase of about 209.7%. Based on the closing price, Otedola’s 11.90 billion-share holding is now worth approximately N1.77 trillion.

Otedola has previously referenced his investment approach at Forte Oil Plc and Geregu Power Plc, where he acquired controlling stakes before introducing strategic changes to the businesses.

His growing position in First HoldCo suggests a similar strategy, as he continues to build towards majority ownership of one of Nigeria’s oldest banking groups.

Author

Tope Oke

Temitope is a storyteller driven by a passion for the intricate world of geopolitics, the raw beauty of wildlife, and the dynamic spirit of sports. As both a writer and editor, he excels at crafting insightful and impactful narratives that not only inform but also inspire and advocate for positive change. Through his work, he aims to shed light on complex issues, celebrate diverse perspectives, and encourage readers to engage with the world around them in a more meaningful way.