.
Shares of First HoldCo Plc climbed to a record ₦150 on the Nigerian Exchange (NGX) after Chairman Femi Otedola expanded his ownership in the financial services group through a fresh ₦18 billion share acquisition, reinforcing investor confidence in the company’s long-term growth strategy.
The latest investment further strengthens Otedola’s position as the largest individual shareholder in the banking group and comes amid a sustained rally in First HoldCo’s stock, driven by strong earnings, recapitalisation efforts and renewed market optimism.
Fresh Share Purchase Lifts Ownership
According to a regulatory filing submitted to the Nigerian Exchange, Otedola, through his investment vehicle Calvados Global Services Limited, acquired 138,041,465 ordinary shares at ₦131.20 per share, representing an investment of approximately ₦18 billion.
The additional purchase raises his equity stake in First HoldCo to about 26 per cent, consolidating his position as the company’s single largest shareholder.
The acquisition is the latest in a series of investments that have steadily increased Otedola’s influence within the financial institution as it undergoes significant transformation.
Stock Extends Historic Rally
Investor enthusiasm surrounding First HoldCo continued to push the company’s share price higher, with the stock reaching ₦150 per share during Friday’s trading session after gaining ₦10, or 7.14 per cent, from its previous close.
The rally follows an exceptional performance over the past year, during which the stock has climbed from a 52-week low of ₦29.25 to successive record highs.
The sustained appreciation has made First HoldCo the first banking group listed on the Nigerian Exchange to surpass a ₦6 trillion market capitalisation, cementing its status as Nigeria’s most valuable banking institution by market value.
Strong Financial Performance Fuels Investor Confidence
The surge in the company’s valuation has been supported by robust half-year financial results.
First HoldCo recently reported profit after tax exceeding ₦526 billion for the first half of 2026, reflecting strong earnings growth that has attracted increased interest from institutional and retail investors alike.
Analysts say the combination of improved profitability, recapitalisation progress and sustained shareholder confidence has positioned the company as one of the Nigerian Exchange’s strongest-performing banking stocks this year.
Long-Term Commitment Signals Confidence
Market observers view Otedola’s latest investment as a strong endorsement of the company’s future prospects.
The billionaire businessman has consistently increased his holdings in First HoldCo over the past year, signalling confidence in the institution’s transformation strategy and long-term value creation.
His continued capital commitment also reflects growing optimism that the group’s restructuring initiatives and operational improvements will continue to strengthen shareholder returns.
Focus Shifts to Future Growth
With its share price at a record high and investor appetite remaining strong, First HoldCo enters the second half of 2026 with significant market momentum.
The company’s recapitalisation programme, improved financial performance and sustained investment by its largest shareholder are expected to remain key drivers of investor sentiment in the months ahead.
As First HoldCo continues to strengthen its market position, analysts will closely monitor whether the lender can sustain its earnings trajectory while delivering on its broader transformation agenda in Nigeria’s increasingly competitive banking sector.
