Femi Otedola boosts First HoldCo stake to 26.5% with N20.68bn share buy
Billionaire investor Femi Otedola bought 147,737,699 ordinary shares of First HoldCo Plc on August 14, 2026, at ₦140 each through his vehicle Calvados Global Services Limited. The ₦20.68 billion transaction, filed with the Nigerian Exchange on August 17 and signed by Company Secretary Abiola Baruwa, lifted his total holding from about 11.9 billion shares to roughly 12.05 billion shares, pushing his ownership stake to approximately 26.5% and keeping him as the group’s largest shareholder. The purchase adds to a series of Otedola’s investments this year: earlier in August he acquired 138.04 million shares for ₦18.11 billion, and in July he bought 1.779 billion shares worth ₦222.2 billion plus 706.13 million shares valued at ₦77.6 billion. Otedola has said he aims to build a controlling stake above 51% to drive reforms and unlock long‑term value, citing past transformations at Forte Oil and Geregu Power. First HoldCo shares traded at ₦140 on Monday, up about 192.3% year‑to‑date, reflecting renewed investor confidence in the bank’s transformation strategy. For shareholders, the continued consolidation signals strong backing from the biggest investor; for market watchers, it may presage further moves toward a majority stake and potential shifts in corporate governance.