Femi Otedola buys N20.7 billion more First HoldCo shares, stake hits 26.5%

Femi Otedola, billionaire investor and Chairman of First HoldCo Plc, has increased his stake in the financial services group after acquiring an additional 147.74 million ordinary shares valued at N20.68 billion.

The purchase, disclosed in a regulatory filing to the Nigerian Exchange (NGX) and reported by BusinessDay, shows Otedola bought 147,737,699 ordinary shares of First HoldCo on 14 August 2026 at N140 per share through his investment vehicle Calvados Global Services Limited.

BusinessDay summarised the filing: "The latest transaction on August 14 through his company of interest, Calvados Global Services, involved a purchase of 147,737,699 units of First HoldCo Plc shares at N140 per share."

The transaction lifted Otedola's total First HoldCo shareholding from about 11.9 billion shares to approximately 12.05 billion shares, raising his beneficial ownership stake to roughly 26.5% of the company's issued share capital.

The August purchase continues a 2026 accumulation pattern in which Otedola has repeatedly increased his stake through large, disclosed share purchases. In June, a private placement allotment reported by Nairametrics and Premium Times showed Otedola was allotted approximately 672.9 million shares valued at about N29.6 billion, lifting his stake to roughly 20.42%.

On 22 July 2026, he bought around 706.1 million additional shares worth about N77.6 billion, raising his stake to roughly 21.95–21.96%, according to Premium Times and Vanguard. A week later, on 30 July 2026, he acquired approximately 1.779 billion shares at about N124.90 per share in a deal valued near N222.2 billion, lifting his beneficial holdings to about 11.76 billion shares or 25.87% of the company.

By early August 2026, Business Insider Africa and Billionaires.Africa estimated Otedola had invested cumulatively over N600 billion — roughly $300–$430 million at prevailing exchange rates — into First HoldCo shares through private placements and market purchases combined.

Otedola has indicated an intention to push his stake beyond 51% over time, framing the position as a "long-term generational commitment" rather than an investment he plans to exit after a turnaround, unlike his past holdings in Forte Oil and Geregu Power. Analysts note his stake now exceeds the historical ownership levels of other Nigerian bank chairmen such as Tony Elumelu of UBA, Aigboje Aig-Imoukhuede of Access, and Jim Ovia of Zenith, making his First HoldCo position unusually dominant for a Nigerian banking group.

The share-buying spree has been a key driver in First HoldCo becoming Nigeria's most valuable bank by market capitalisation. No formal regulatory sanction or enforcement action related to the purchases has been reported, with focus remaining on proper disclosure through NGX filings and market reactions.