Otedola boosts First Holdco stake with N20.7bn share purchase

Billionaire businessman Femi Otedola has further expanded his investment in First HoldCo Plc, acquiring an additional 147.74 million shares for N20.7 billion. The transaction, which took place on August 14 at N140 per share, was executed through Calvados Global Services Limited, an investment vehicle associated with Otedola.

This latest purchase marks a continuation of Otedola's substantial acquisitions in First HoldCo this year, bringing his disclosed share purchases in the financial services group to over N400 billion. Otedola, who also chairs First HoldCo, has been systematically increasing his stake, with a stated ambition to surpass 51 percent ownership. His accumulation of shares accelerated significantly in the latter half of the year, with previous major purchases including 549.54 million shares for approximately N43.41 billion in May, and 672.9 million shares worth N29.6 billion in June.

July saw a notable increase in his buying activity, with the acquisition of 706.13 million shares for about N77.58 billion on July 22. This was followed by another purchase of 138.04 million shares for N18.11 billion in early August. Including the most recent transaction, his disclosed purchases for 2026 now total roughly N412 billion.

The aggressive buying strategy by Otedola has coincided with a strong performance in First HoldCo's share price. The stock closed at N140 on August 17, having reached an intraday high of N150 earlier in the month. Otedola's continued accumulation of shares is a key development closely watched by investors, particularly as he pursues his objective of gaining majority control of the company.