Otedola raises First HoldCo investment with N20.7bn share purchase

Billionaire businessman Femi Otedola has further increased his stake in First HoldCo Plc after acquiring 147.74 million additional shares valued at N20.7 billion.

The transaction was executed on August 14 at N140 per share through Calvados Global Services Limited, an investment vehicle linked to Otedola.

The latest acquisition brings the value of his disclosed share purchases in First HoldCo in 2026 to about N412 billion, as he continues to strengthen his position in the financial services group.

Otedola, who serves as chairman of First HoldCo, has previously indicated plans to increase his ownership of the company beyond 51 per cent.

His recent accumulation has accelerated in recent months. In May, he acquired 549.54 million shares for about N43.41 billion, while another 672.9 million shares worth N29.6 billion were purchased in June through the company’s private placement programme.

In July, Otedola bought 706.13 million shares for approximately N77.58 billion.

He later made his largest disclosed purchase of the year, acquiring 1.78 billion shares for about N222.21 billion.

The billionaire followed the transaction with another purchase of 138.04 million shares valued at N18.11 billion in early August.

The latest N20.7 billion acquisition further underscores Otedola’s aggressive accumulation of shares in the company and his push towards majority ownership.

His buying spree has also coincided with a strong performance by First HoldCo’s stock. The company’s shares closed at N140 on August 17 after reaching an intraday high of N150 earlier in the month.

Otedola’s increasing stake remains a major development for investors as the First HoldCo chairman moves closer to his stated objective of securing controlling ownership of the group.