Femi Otedola Buys Fresh N77.6bn Worth of First HoldCo Shares, Now Owns 21.95% Stake

Femi Otedola, chairman of First HoldCo Plc, has significantly bolstered his stake in the company with a fresh acquisition of 706.13 million ordinary shares. The transaction, valued at approximately N77.6 billion, was executed at N109.88 per share on July 22, 2026, through Calvados Global Services Limited, a company linked to Otedola.

This substantial purchase elevates Otedola's combined shareholding to 9,277,792,037 shares, now accounting for 21.95% of First HoldCo. The acquisition reinforces Otedola's strategic control and long-term commitment to the financial institution, which has seen a remarkable turnaround under his influence.

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Our H1 2026 performance reflects the resilience of our business and the disciplined execution of our strategy in a dynamic operating environment.

The deal comes on the heels of First HoldCo's record half-year earnings and its achievement as the first Nigerian banking stock to breach the N5 trillion market capitalization threshold. The company's sustained rally is attributed to its strong profitability, improving asset quality, robust capital adequacy, and growing investor confidence in its transformation strategy.

Historically, Otedola has favored dominant ownership in companies he strategically controls, as seen with his previous stake in Geregu Power Plc. While First HoldCo boasts a broader shareholder base with a 56.59% free float, Otedola's latest move fuels speculation about his future plans for the bank.

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Our disciplined approach to cost management, revenue optimisation and operational execution delivered a 12 per cent increase in PBT to N13.7 billion, alongside a 21 per cent growth in profit after tax to N10.5 billion from N8.7 billion in the corresponding period of last year.