Femi Otedola has significantly strengthened his position in First HoldCo Plc after a company linked to him acquired shares worth ₦77.6 billion in one of the largest single transactions recently recorded on the Nigerian Exchange (NGX).
According to a share dealing notification dated July 22, 2026, and made available by Channels Television, Calvados Global Services Limited, a company associated with the billionaire businessman and Chairman of First HoldCo Plc, purchased 706,131,179 ordinary shares of the financial institution at ₦109.88 per share. The acquisition was valued at ₦77,589,693,948.52, underscoring Otedola’s continued confidence in the company’s long-term prospects.
The latest investment further consolidates Otedola’s influence in First HoldCo and comes as he continues to increase his ownership in the financial services group. His steady accumulation of shares over the past two years has reinforced his commitment to the institution since assuming the role of chairman in October 2024.
This is not the first time the billionaire has expanded his stake in the company. Less than a year ago, regulatory filings submitted to the Nigerian Exchange revealed that Otedola acquired an additional 549,535,653 shares at an average price of ₦79 per share, a transaction valued at approximately ₦43.41 billion. That purchase further strengthened his position as one of the company’s largest investors.
He also increased his holdings in September 2025 with another acquisition of 39,313,379 shares, valued at approximately ₦1.21 billion, continuing a pattern of strategic investments in the banking group.
Otedola’s growing commitment to First HoldCo aligns with his broader investment strategy across Nigeria’s key economic sectors. Beyond banking, he has remained active in the country’s energy industry. Earlier in 2026, he announced plans to channel the proceeds from the sale of his $100 million stake in Geregu Power Plc into an investment in the Dangote Refinery, a move widely viewed as another strategic shift within Nigeria’s industrial landscape.
Despite reports from Forbes estimating that he incurred a paper loss of about $200 million after selling a majority stake in Geregu Power at a discount to the prevailing market price, Otedola remains one of Africa’s wealthiest and most influential business figures. His inclusion in the 2026 Forbes Africa Billionaires List highlights his enduring presence among the continent’s leading entrepreneurs alongside Aliko Dangote, Abdul Samad Rabiu, and Mike Adenuga.
The latest ₦77.6 billion share acquisition is expected to further strengthen investor confidence in First HoldCo while reinforcing Otedola’s long-term vision for the financial institution. Market observers will be watching closely to see how his increased stake shapes the company’s future direction and strategic growth.
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