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First HoldCo Plc has disclosed that its Group Chairman, billionaire investor Olufemi Otedola, has expanded both his direct and indirect holdings in the company with fresh share purchases worth more than N2 billion.
A filing on the Nigerian Exchange (NGX) showed that on September 23, 2025, Otedola acquired 39,313,379 units of First HoldCo shares in Lagos at N31 each, a transaction valued at about N1.21 billion.
On the same day, Calvados Global Services Limited—an entity associated with him—bought a further 25,565,289 shares for roughly N792.5 million at the same price.
Before the latest acquisitions, Otedola held 3,212,032,866 units (7.67 per cent) directly and 3,465,560,297 units (8.28 per cent) indirectly.
Following these purchases, his direct stake has risen to 3,251,346,245 units (7.77 per cent), while his indirect interest now stands at 3,491,125,586 units (8.34 per cent).
The transactions boosted trading activity on the NGX, with the daily volume reaching 100.9 million shares—its highest level for the half year and surpassing the previous peak of 86.4 million shares recorded on July 17. Both trades were executed at N31.00 per share, close to the N30.00 support level that analysts say could encourage dip buyers amid the company’s upward trend.
First HoldCo shares have delivered a year-to-date gain of about 10 per cent in 2025, a more measured rise compared with the 50 per cent rally achieved over the same period in 2023.
The stock opened in January at N28.05 and, after a mid-year pullback, rebounded strongly to reach N32.25 in July before easing to between N30 and N31 by late September.
Financially, the group reported a pre-tax profit of N169.6 billion for the second quarter ended June 30, 2025, bringing its half-year figure to N356.1 billion.
Interest income surged nearly 62 per cent year on year to N812.1 billion in Q2, lifting total half-year interest income to N1.4 trillion, while net interest income after impairments climbed 65 per cent to N391.4 billion. Total assets also grew 2.54 per cent to N27.1 trillion, with retained earnings rising over 23 per cent to N1.3 trillion.
