Otedola raises First HoldCo stake with N43bn share purchase

The Chairman of First HoldCo Plc, Femi Otedola, has strengthened his hold on the company after acquiring additional shares worth N43.41 billion.

The transaction, carried out on the Nigerian Exchange on Wednesday, May 13, 2026, involved the purchase of 549,535,653 shares at an average price of N79 per unit.

Following the latest acquisition, Otedola’s total stake in First HoldCo rose from 8,055,314,486 shares, as disclosed in the company’s 2025 audited financial statement, to 8,604,850,139 shares.

Data from the Nigerian Exchange showed that his ownership has now increased to 19.35 per cent of the company’s 44.45 billion outstanding ordinary shares, up from the previous 18.12 per cent stake.

The development further strengthens Otedola’s position as the second-largest shareholder in the group, behind RC Investment Management Limited, which controls 10,433,909,058 shares representing a 23.47 per cent stake.

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Investor interest in the stock also surged following the acquisition, with trading volume crossing 575 million shares at the close of trading on Wednesday — the highest recorded so far in 2026.

The rally extended earlier momentum that saw 148 million shares traded on May 11, while the stock’s year-to-date return climbed above 57 per cent.

The latest share purchase comes as First HoldCo prepares to seek shareholder approval to raise N253 billion at its Annual General Meeting scheduled for May 29, 2026.

The planned capital raise is part of the company’s broader strategy to strengthen its balance sheet and pursue an ambitious expansion drive aimed at achieving a N1 trillion capital base, including share premium and core capital.