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Billionaire businessman Femi Otedola has expanded his investment in First HoldCo Plc after acquiring an additional 147.74 million shares in the financial services group for N20.7 billion.
The transaction, executed on August 14 at N140 per share, was conducted through Calvados Global Services Limited, an investment vehicle associated with the businessman.
The latest acquisition adds to Otedola’s series of major purchases in First HoldCo this year, taking his disclosed share acquisitions in the company to approximately N412 billion.
Otedola, who chairs First HoldCo, has been steadily increasing his position in the group and has previously expressed an ambition to raise his ownership above 51 per cent.
His accumulation accelerated significantly in the second half of the year.
In May, he acquired 549.54 million shares for about N43.41 billion, followed by the purchase of 672.9 million shares worth N29.6 billion in June through the company’s private placement programme.
Otedola stepped up his purchases in July, acquiring 706.13 million shares for approximately N77.58 billion on July 22.
Later that month, he made his largest disclosed acquisition, purchasing 1.78 billion shares at a cost of about N222.21 billion.
He followed this with another acquisition of 138.04 million shares for N18.11 billion in early August.
Including the latest transaction, the disclosed purchases listed for 2026 amount to roughly N412 billion.
The aggressive buying has occurred alongside a strong rally in First HoldCo’s share price.
The stock closed at N140 on August 17, having reached an intraday high of N150 earlier in the month.
Otedola’s continued accumulation of shares has made his ownership position one of the key developments being watched by investors in the company, particularly as he moves towards his stated objective of securing majority control.
