Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has increased his ownership stake in the financial holding company to 21.95 per cent following the acquisition of 706.13 million ordinary shares valued at approximately N77.6bn through a related entity.
The transaction, disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX) on Wednesday, ranks among the largest publicly disclosed insider share acquisitions on the Exchange this year and further consolidates Otedola’s position as the company’s largest shareholder.
According to the filing, Calvados Global Services Limited, a company related to Otedola, purchased 706,131,179 ordinary shares of First HoldCo at N109.88 per share on July 22, 2026, bringing the total value of the transaction to approximately N77.59bn.
The disclosure identified Calvados Global Services Limited as “a company related to a significant shareholder, Mr. Olufemi Otedola,” and classified the purchase as an initial notification of insider dealing in line with regulatory requirements.
Following the latest acquisition, Otedola’s combined direct and indirect shareholding in First HoldCo increased to 9,277,792,037 ordinary shares, representing 21.95 per cent of the company’s total issued shares. The increased holding further strengthens his influence in the financial services group, where he has played a central role in driving governance reforms, strategic restructuring and investor confidence since assuming a significant ownership position.
The latest investment comes at a time when First HoldCo has continued to record strong financial and market performance. Only days before the transaction, the Group announced record half-year financial results, reflecting significant growth in profitability and improvements across key performance indicators.
The company also recently became the first Nigerian banking stock to surpass a N5tn market capitalisation on the Nigerian Exchange, underscoring growing investor confidence in its transformation strategy and long-term growth prospects.
Market analysts say the additional investment reinforces Otedola’s confidence in the institution’s future and signals a long-term commitment to the Group’s growth trajectory. The transaction also comes amid sustained demand for First HoldCo shares, which have emerged as one of the Nigerian Exchange’s strongest-performing banking stocks this year.
The rally in the company’s share price has been supported by record earnings, improved asset quality, stronger capital adequacy, enhanced corporate governance and renewed market confidence in the bank’s strategic direction.
Otedola, who became a major shareholder in First HoldCo in 2021, has steadily increased his investment in the company while championing reforms aimed at strengthening governance, improving operational efficiency and restoring shareholder value. His growing stake has been widely viewed by investors as a vote of confidence in the Group’s long-term fundamentals.
The latest N77.6 billion share acquisition further cements Otedola’s commitment to First HoldCo and is expected to reinforce positive market sentiment around the company as it continues to execute its growth strategy and strengthen its position within Nigeria’s banking industry.
First HoldCo Plc became the first Nigerian banking stock to surpass the N5tn market capitalisation milestone during intraday trading on the Nigerian Exchange (NGX) on Wednesday as investors extended buying interest following the group’s impressive half-year financial performance.
The financial services group’s shares traded between N112 and N113 during midday trading, representing a sharp increase from the previous day’s closing price of N105.00 and reflecting sustained investor confidence in the company’s earnings outlook and long-term growth prospects.
Based on its prevailing share price, First HoldCo’s market capitalisation climbed above N5tn, making it the most valuable banking stock listed on the Nigerian Exchange and underscoring its emergence as one of the market’s strongest-performing financial services companies in 2026.
The renewed rally was driven by the company’s robust financial results for the six months ended June 30, 2026, which highlighted significant growth across key performance indicators.
According to the unaudited results, gross earnings rose to N1.93tn during the period, while profit before tax surged 83.5 per cent year-on-year to N653.5bn, reflecting stronger revenue generation, improved operating efficiency and continued momentum across the Group’s core business segments.
The earnings performance reinforced investor optimism over First HoldCo’s transformation strategy, with the market responding positively to the Group’s sustained profitability, strengthened balance sheet and improving operational fundamentals.
The milestone also reflects growing confidence in the company’s long-term value proposition as it continues to execute strategic initiatives aimed at enhancing shareholder returns, improving asset quality, strengthening capital adequacy and expanding its leadership position within Nigeria’s financial services sector.
Market participants said the strong buying interest in First HoldCo shares underscores investors’ expectations that the Group will sustain its earnings momentum through the second half of the year, supported by resilient operations and continued execution of its growth strategy.
The crossing of the N5tn valuation threshold marks another significant milestone for First HoldCo and reinforces its position as one of the Nigerian Exchange’s most valuable listed companies, highlighting the increasing appeal of the stock to both institutional and retail investors.
