Nigerian billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has significantly increased his investment in the financial services group after acquiring an additional 1.779 billion ordinary shares valued at approximately ₦222.2 billion, further consolidating his position as the company’s largest individual shareholder.
The latest acquisition, disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX), raises Otedola’s total beneficial ownership in First HoldCo to 11.76 billion ordinary shares, representing 25.87 percent of the company’s total issued share capital.
The shares were purchased at ₦124.90 per share, bringing the estimated market value of Otedola’s total investment in the banking group to about ₦1.47 trillion, making it one of the largest individual equity investments in Nigeria’s banking industry.
The latest transaction comes barely a week after Calvados Global Services Limited, a company linked to Otedola, purchased 706.13 million shares of First HoldCo worth ₦77.59 billion.
Combined, the two acquisitions amount to nearly ₦300 billion in fresh investments within a little over one week, reinforcing the billionaire investor’s confidence in the future prospects of the financial institution.
The aggressive share accumulation has also fuelled speculation among market watchers about Otedola’s long-term strategic plans for the company, although neither he nor First HoldCo has indicated any intention to further increase his ownership beyond its present level.
The investment comes at a time when First HoldCo has emerged as one of the strongest-performing banking stocks on the Nigerian Exchange.
Over the past month, the company’s share price has appreciated by more than 120 percent, driven by strong investor demand following the release of record financial results and improving business fundamentals.
The impressive rally has attracted increased institutional and retail investor interest, positioning the financial holding company among the best-performing large-cap stocks on the local bourse.
In its regulatory disclosure, First HoldCo stated: The acquisition of 1,779,094,976 ordinary shares increases the beneficial shareholding of Mr. Femi Otedola to 11,763,018,192 shares, representing 25.87 percent of the company’s issued share capital.”
Financial analysts believe the latest investment reflects Otedola’s confidence in the transformation programme currently being implemented by the financial institution.
According to market observers, the continued increase in his ownership stake is expected to boost investor confidence, particularly as the bank continues its recapitalisation programme and expands its operations across key business segments.
The transaction also reinforces expectations that the company will continue to strengthen its corporate governance, improve operational efficiency and create greater shareholder value.
Going forward, investors are expected to monitor whether Otedola will continue acquiring additional shares in the company through future market transactions.
Attention will also remain on First HoldCo’s ongoing recapitalisation efforts and the implementation of its strategic growth initiatives aimed at strengthening its market position.
Market participants are equally awaiting the group’s full-year 2026 financial performance after management projected profit before tax exceeding ₦1.2 trillion, a milestone that would further cement its position among Nigeria’s leading financial institutions.
Otedola’s latest ₦222.2 billion share purchase represents more than an increase in ownership. It is widely viewed as a powerful endorsement of First HoldCo’s long-term growth strategy and improving financial outlook.
With his ownership now approaching 26 percent, the billionaire investor has further strengthened his influence within the company, while signalling sustained confidence in one of Nigeria’s oldest and most prominent financial institutions.
The development is expected to keep First HoldCo in the spotlight as investors closely watch future corporate actions, earnings performance and developments in Nigeria’s banking sector.
