Otedola increases First HoldCo stake with N18.1bn share purchase

First HoldCo Plc has disclosed that a company linked to its Chairman, Olufemi Otedola, acquired 138.04 million ordinary shares worth about N18.1 billion in the financial services group.

The disclosure, contained in a regulatory filing to the Nigerian Exchange on Friday, showed that Calvados Global Services Limited purchased the shares at N131.20 per share on August 6, 2026, in line with insider dealing disclosure requirements.

The filing identified Calvados Global Services Limited as a company related to a significant shareholder, Olufemi Otedola, and described the transaction as an initial notification.

The latest acquisition raises Otedola’s shareholding in First HoldCo to about 26.1 per cent, strengthening his position as the company’s largest shareholder.

It also comes barely a week after he acquired 1.78 billion shares worth about N222.2bn, following an earlier purchase of 706.13 million shares valued at N77.6bn, bringing his recent investments in the banking group to nearly N300bn.

The purchases come amid a strong rally in First HoldCo’s shares, driven by investor optimism over the group’s transformation and financial performance. The stock traded at N148.35 on Friday, representing a year-to-date gain of more than 200 per cent.

Otedola had recently said he aims to build a controlling stake of more than 51 per cent in First HoldCo, describing majority ownership as critical to driving long-term reforms and creating shareholder value.