Billionaire businessman Femi Otedola has raised his stake in First Holdco Plc, the parent company of First Bank of Nigeria Limited, to 10.24% after acquiring additional shares worth N20.7 billion. The transaction was disclosed in a regulatory filing with the Nigerian Exchange (NGX) on Tuesday, August 18, 2026.
Details of the Share Acquisition
According to the filing, Otedola purchased 1.7 billion shares of First Holdco at an average price of N12.15 per share. The acquisition brings his total shareholding in the company to 3.9 billion shares, representing 10.24% of the issued share capital.
The filing did not specify the exact date or dates of the transactions, but it confirmed that the purchases were made through his investment vehicle, Calvados Global Services Limited. This latest move underscores Otedola's continued confidence in the financial services group, which has been undergoing a series of strategic initiatives since its restructuring.
Otedola's Growing Influence
This is not the first time Otedola has increased his stake in First Holdco. In 2021, he acquired a significant shareholding, making him one of the largest individual shareholders. Over the years, he has consistently added to his position, and this latest purchase further cements his influence within the company.
Industry analysts view Otedola's increased stake as a positive signal for the company's prospects, given his track record of successful investments in the banking and energy sectors. However, the filing did not include any comments from Otedola or the company regarding the transaction.
Impact on First Holdco and Market
The share purchase comes at a time when First Holdco has been working to strengthen its capital base and improve operational efficiency. The additional investment is expected to provide the company with more financial flexibility to pursue growth opportunities.
Following the announcement, shares of First Holdco traded higher on the NGX, reflecting investor optimism. The stock closed at N12.50 per share, up by 0.81% from the previous day's close. Market watchers will be monitoring whether Otedola will further increase his stake in the coming months.
