Billionaire businessman and First HoldCo Plc Group Chairman, Femi Otedola, has strengthened his position in the financial services group after acquiring an additional 138.04 million shares valued at ₦18.11 billion through an entity linked to him.
The latest purchase, executed on the Nigerian Exchange Limited (NGX), further increases Otedola’s beneficial ownership of First HoldCo as the company continues its recapitalisation programme amid the Central Bank of Nigeria’s banking sector capital requirements.
According to a regulatory disclosure filed with the NGX on Friday, August 7, 2026, Calvados Global Services Limited, a company associated with Otedola, purchased 138,041,465 ordinary shares of First HoldCo on Thursday, August 6.
The shares were acquired at ₦131.20 each, bringing the total value of the transaction to ₦18,111,040,208, or approximately ₦18.11 billion.
The transaction was disclosed to the market by First HoldCo’s Group Company Secretary, Abiola Baruwa, in line with regulatory requirements governing share transactions involving directors, senior executives and persons closely associated with them.
Calvados Global Services Limited is identified in the filing as an entity connected to a significant shareholder and board leader of First HoldCo, making the latest acquisition another major insider transaction involving Otedola.
The purchase also marks the third significant equity acquisition linked to Otedola in less than three weeks, following other multi-billion-naira purchases made in July.
The latest acquisition has taken Otedola’s beneficial interest in First HoldCo to approximately 27.16 per cent of the company’s issued share capital, according to the disclosed figures, further cementing his position as the group’s largest individual shareholder.
Otedola’s continued accumulation of First HoldCo shares comes at a crucial period for the financial institution. The company is currently pursuing a recapitalisation programme in response to the Central Bank of Nigeria’s directives requiring commercial banks and financial holding companies to strengthen their capital base.
Rather than treating the investment as a short-term market position, Otedola has previously described his interest in First HoldCo as part of a longer-term strategy aimed at creating sustainable value.
In a recent strategic update, he said his growing stake reflected confidence in the institution’s future rather than speculation. “That figure speaks not to speculation but to unflinching confidence in the institution’s future and my unwavering commitment to its success,” Otedola said. “If you look at my antecedents, my investment threshold is always centered on long-term value creation.”
The latest purchase is likely to attract considerable attention from investors as the market assesses what Otedola’s continued investment means for First HoldCo’s future.
Lagos-based trader and capital market analyst Ade Ojapa said an insider investment of this magnitude could be interpreted as a strong vote of confidence in the company.
According to Ojapa, the transaction signals confidence in First HoldCo’s operational performance, balance sheet recovery and long-term earnings prospects. He also suggested that the size of the deal could increase trading activity and influence investor sentiment toward the company’s shares.
Otedola’s latest acquisition therefore comes at a significant moment for First HoldCo, with the group simultaneously strengthening its capital position and navigating a changing Nigerian banking landscape.
As the recapitalisation exercise progresses, investors will be watching closely to see whether Otedola continues to increase his stake and how his growing ownership influences the strategic direction and market performance of First HoldCo.
Discover more from Scoop Hub
Subscribe to get the latest posts sent to your email.
