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Femi Otedola has increased his stake in First HoldCo Plc after acquiring an additional 138.04 million shares valued at about ₦18.11 billion.
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The latest purchase takes his holding in the financial services group from 25.8 percent to 26.1 percent, days after he disclosed plans to eventually seek a majority stake in the company.
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First HoldCo shares have rallied sharply this year, reaching a record ₦140 and pushing the bank’s market capitalisation above ₦6 trillion.
August 08, (THEWILL) — Businessman Femi Otedola has increased his stake in First HoldCo Plc following the acquisition of 138.04 million additional ordinary shares worth about ₦18.11 billion.
According to a regulatory filing dated August 7, Calvados Global Services Limited, a company related to Otedola as a significant shareholder, purchased 138,041,465 First HoldCo shares at ₦131.20 per share on August 6.
The transaction further strengthens Otedola’s position as the largest individual shareholder in the financial services group and comes shortly after he publicly disclosed plans to increase his ownership.
Following the latest acquisition, Otedola’s stake rose from approximately 11.85 billion shares, representing 25.8 percent of First HoldCo, to about 11.99 billion shares, or 26.1 percent.
Fresh purchase follows majority stake signal
The acquisition comes days after Otedola indicated that he could increase his ownership of First HoldCo substantially.
In an interview published on August 3, the businessman said he had invested more than ₦600 billion of his personal wealth in the lender, describing the investment as a long-term commitment.
Otedola also disclosed that his investment philosophy generally favours majority ownership, signalling that his current 26.1 percent holding may not represent his final position in First HoldCo.
READ ALSO: Otedola Spends Another ₦222.2bn On First HoldCo, Raises Stake To 25.87 Percent
“My investment threshold is always over and above 51 percent,” he said.
He added that strong shareholder control, while respecting minority interests, was important to implementing reforms and restructuring businesses to create value for stakeholders.
The latest acquisition therefore adds fresh significance to Otedola’s comments, particularly as investors continue to watch whether he will gradually build his position towards the 51 percent threshold.
First HoldCo shares hit a record high
NGX Trading floor- representation of transactions carried out. Photo credit: ngx.gov.ngThe purchase also comes amid a powerful rally in First HoldCo’s share price.
On Thursday, August 7, the company’s shares rose to an all-time high of ₦140 per share, lifting its market capitalisation to about ₦6.37 trillion.
The gain has made First HoldCo the most valuable listed banking group on the Nigerian Exchange by market capitalisation.
The stock has gained more than 190 percent since the beginning of 2026, reflecting strong investor demand and growing expectations around the group’s transformation.
The sharp increase in the share price has also significantly increased the value of Otedola’s existing holding.
READ ALSO: Otedola Eyes Majority Control Of First Holdco, Says Personal Investment Tops ₦600bn
At ₦140 per share, his approximately 11.99 billion shares would be worth about ₦1.68 trillion based on the latest disclosed holding.
The latest purchase, made at ₦131.20 per share, was therefore completed below the stock’s subsequent record market price of ₦140.
What the acquisition means for First HoldCo
Otedola’s continued accumulation of First HoldCo shares comes at a significant period for the group as it pursues its transformation and seeks to strengthen its position within Nigeria’s financial services industry.
His increasing ownership gives him greater voting influence and potentially strengthens his ability to influence strategic decisions at the company.
However, moving from the current 26.1 percent holding to above 51 percent would require the acquisition of a substantially larger number of shares and would have significant implications for the company’s ownership structure.
For now, the latest transaction represents another step in Otedola’s continuing accumulation of First HoldCo shares and reinforces investor attention on how far he intends to take his stake in Nigeria’s banking group.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
