Otedola buys 95.7 million First HoldCo shares, moves stake up 27.7%

Femi Otedola, the chairman of First HoldCo Plc, has significantly boosted his stake in the banking group by acquiring an additional 95.7 million shares. This latest transaction brings his total ownership in the company to 27.70 percent, solidifying his position as the largest shareholder.

The regulatory filing, signed by the group's Company Secretary Abiola Baruwa, detailed that Otedola purchased 95,699,240 shares at N131.48 each, amounting to a total investment of N12.58 billion. This acquisition represents 0.21 percent of the company's outstanding shares and was executed through Calvados Global Services Limited.

Following this purchase, Otedola now holds approximately 12.14 billion shares in the financial institution. Based on the company's opening price of N129.95 on Monday at the Nigerian Exchange Limited (NGX), his total shareholding is valued at an estimated N1.58 trillion.

This move is part of a broader strategy by Otedola to increase his investment in First HoldCo. In recent weeks, he has cumulatively acquired over 2.16 billion shares. The current acquisition marks the third time this August that Otedola has expanded his stake, following previous purchases of 147.7 million and 138 million shares on August 17 and August 7, respectively. Notably, on July 30, he acquired an additional 1.78 billion shares for approximately N222.2 billion.

The steady accumulation of shares has allowed Otedola to surpass RC Investment, which previously held the largest stake at about 22.94 percent. RC Investment had emerged as a trustee for shares offloaded by major shareholders Oba Otudeko and Oye Hassan-Odukale in July 2025.