Otedola's N222bn First HoldCo stake boost lifts holding to $1bn as bank posts record profit
Billionaire Femi Otedola acquired 1.779 billion First HoldCo shares at N124.90 each, worth N222.2 billion, per NGX filing. This raises his total stake to 11.76 billion shares (25.87% of issued capital), now valued at N1.47 trillion (~$1 billion). The purchase follows last week's N77.6 billion buy by related entity Calvados Global Services, totaling nearly N300 billion fresh investment in over a week.
The move comes as First HoldCo posts record H1 2026 pre-tax profit of N653.54 billion (up 83.5% YoY) and forecasts full-year PBT exceeding N1.2 trillion. Its share price has surged over 120% in the past month, making it the Nigerian Exchange's top large-cap performer and first Nigerian bank to intraday-trade above N5 trillion market cap.
Otedola's increased stake—now Africa's largest individual bank holding—intensifies speculation about his long-term ambitions for First HoldCo. With Nigerian banks typically trading below book value despite solid ROAE, First HoldCo's 1.7x book valuation (30% ROAE) signals a potential re-rating trend. Will this reinforce confidence in Nigerian banking stocks or reflect exceptional company-specific strength?