Femi Otedola spends another ₦12.58bn to tighten grip on First HoldCo

Femi Otedola, Chairman of First HoldCo Plc, has further increased his stake in the financial services group after acquiring an additional 95,699,240 ordinary shares valued at approximately ₦12.58 billion, according to a regulatory filing with the Nigerian Exchange.

The shares were purchased on Monday, 24 August 2026, by Calvados Global Services Limited — Otedola's investment vehicle — at a price of ₦131.48 per share, as first reported by Nairametrics. The transaction lifted Otedola's total holding from about 12.05 billion shares to 12.15 billion shares, raising his ownership stake to approximately 26.6% and further cementing his position as the group's largest shareholder.

A two-month buying streak

The 24 August purchase is the latest in a rapid accumulation campaign that has reshaped the ownership structure of one of Nigeria's oldest and most systemically important banking groups. Business Insider Africa frames the deal as moving Otedola closer to a 30% stake and de facto control, citing an increase from 27.49% to 27.70% — figures that vary slightly from Nairametrics' calculation due to differences in share-count methodology, though both outlets confirm the same 95.7 million shares and ₦12.58 billion value.

Just days earlier, on 18 August 2026, Otedola acquired 147.74 million shares valued at about ₦20.68 billion, which lifted his stake to around 26.5%, Nairametrics reported. That followed a 6–7 August purchase of 138.04 million shares worth ₦18.11 billion at about ₦131.2 per share, which raised his interest to roughly 26.1–26.17%, according to Nairametrics and Billionaires.Africa. Billionaires.Africa noted that the 24 August deal came at a lower price than his previous purchase ten days earlier, writing: "Femi Otedola bought another 95,699,240 shares in First HoldCo Plc on Monday, spending 12.58 billion naira, or about $9.05 million, and paying a lower price than he did on his previous purchase ten days earlier."

From 9.4% to 26.6% in two years

The scale of Otedola's accumulation becomes clearer when viewed against his starting point. In June 2024, Nairametrics documented his return as First Bank's top shareholder with a 9.41% stake after a ₦18.9 billion purchase, followed days later by another ₦17.2 billion acquisition that pushed him to 11.64%. By June 2026, a private placement of roughly 680 million shares had lifted his stake to 20.42%.

The most dramatic single move came on 30 July 2026, when Otedola acquired 1,779,094,976 shares at ₦124.9 each — a transaction worth ₦222.21 billion, or about US$160 million — lifting his holding from 10.18 billion to 11.96 billion shares, Billionaires.Africa reported. Nairametrics, citing the NGX filing, said the deal "raised Otedola's total beneficial shareholding to 11.76 billion shares, representing 25.87% of the company's issued share capital."

What's driving the buying

In an exclusive interview published on 3 August 2026, Nairametrics reported that First HoldCo's market capitalization had surpassed ₦6 trillion and that Otedola "spoke about his long-term ambitions for First HoldCo, where he currently owns about 25.8%, making him the company's largest shareholder." The feature noted: "First HoldCo is now worth more than ₦6 trillion, its chairman has become its largest shareholder with a 25.8% stake, and one of Nigeria's most closely watched corporate turnarounds appears to be entering a defining new phase."

Nairametrics separately reported that Otedola is targeting more than a 51% stake over time — an ambition that, if realised, would give him outright majority control of the holding company that controls First Bank of Nigeria. BusinessDay confirmed the 24 August transaction was executed through Calvados Global Services Limited, describing the most recent deal as "95,699,240 units at N131.48 per share" in an ongoing series of purchases.