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Femi Otedola, Chairman of First HoldCo Plc, has further increased his holding in the financial services group after acquiring an additional 95.7 million shares valued at about N12.58 billion.
The latest purchase, disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX) on Monday, August 24, 2026, was executed through Calvados Global Services Limited, Otedola’s investment vehicle.
95.7 Million Shares Acquired
According to the filing, Calvados purchased 95,699,240 First HoldCo ordinary shares at N131.48 per share, putting the total value of the transaction at approximately N12.58 billion.
Following the acquisition, Otedola’s total shareholding rose from approximately 12.05 billion shares to 12.15 billion shares, while his ownership increased to about 26.6%, further consolidating his position as the company’s largest shareholder.
The purchase also came at a price above First HoldCo’s N127.90 closing price on August 24, representing a premium of roughly 2.8% to the market close.
Third August Acquisition
The latest transaction is Otedola’s third reported First HoldCo share purchase in August.
On August 17, Calvados acquired approximately 147.74 million shares at N140 each, while another 138.04 million shares were purchased at N131.20 per share on August 6.
Combined, the three August transactions amount to approximately 381.48 million shares worth N51.37 billion.
The latest purchases follow a much larger acquisition in July, when Otedola acquired about 1.78 billion First HoldCo shares for approximately N222.2 billion.
Otedola’s First HoldCo Exposure Continues to Grow
The repeated purchases have significantly increased Otedola’s exposure to First HoldCo and strengthened his influence within the financial services group.
His latest accumulation comes as First HoldCo continues to attract investor attention following stronger financial performance and its ongoing recapitalisation efforts.
The sustained buying has also taken place during a period of weakness across parts of the Nigerian equities market, making the decision to acquire shares at a premium to the day’s closing price particularly notable.
Market Watches Ownership Structure
Otedola’s growing stake has also placed the ownership structure of First HoldCo under increasing market scrutiny.
Earlier acquisitions had already taken his holding above 25%, bringing him closer to the 30% threshold associated with mandatory takeover requirements under applicable Nigerian capital-market rules.
However, the latest transaction disclosed by Nairametrics puts his reported stake at approximately 26.6%, meaning he remains below that threshold.
The continued accumulation has nevertheless made Otedola’s investment in First HoldCo one of the most closely watched individual positions on the Nigerian Exchange.
The Bigger Picture
Otedola’s latest N12.58 billion purchase extends a sustained campaign of share accumulation in First HoldCo.
With more than 95 million additional shares added to his portfolio, the transaction reinforces his position as the group’s dominant shareholder and signals continued confidence in the financial institution.
The focus will now shift to whether the chairman continues accumulating shares and how his expanding ownership position could influence First HoldCo’s future capital structure, governance and strategic direction.
