Billionaire businessman Femi Otedola has further increased his investment in First HoldCo Plc, acquiring an additional 147.74 million shares worth ₦20.68 billion as he continues to strengthen his position in the financial services group.
The latest purchase was executed on August 14, 2026, at ₦140 per share through Calvados Global Services Limited, an investment vehicle associated with Otedola. The transaction was disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX).
The acquisition adds to a series of major purchases Otedola has made in First HoldCo this year. His disclosed share purchases in the company during 2026 have now surpassed ₦400 billion, underscoring the scale of his ongoing investment.
Following the latest transaction, Otedola’s holding has risen to roughly 12.05 billion shares, giving him an estimated 27.49% stake in First HoldCo, according to recent reports.
The latest purchase also brings Otedola closer to the 30% ownership threshold that can trigger a mandatory takeover offer under Nigerian capital-market rules. His continued accumulation has therefore attracted attention from investors watching the possibility of a larger ownership move in the company.
Otedola, who serves as chairman of First HoldCo, has been steadily increasing his stake in the parent company of FirstBank. In July, he acquired approximately 1.78 billion additional shares for ₦222.2 billion, pushing his ownership close to 26% at the time.
The latest investment comes just days after another purchase in early August, when Calvados Global Services acquired 138.04 million First HoldCo shares for about ₦18.11 billion.
Otedola’s aggressive accumulation has strengthened his position as First HoldCo’s dominant individual shareholder and reflects his long-term interest in the financial services group.
The billionaire has previously indicated an ambition to eventually increase his ownership in First HoldCo beyond 51%, although any future move toward majority control would be subject to applicable regulatory requirements.
For investors, Otedola’s continued purchases are significant because they signal strong confidence from one of Nigeria’s most prominent investors in the long-term prospects of First HoldCo and its banking business.
