LAGOS, Nigeria: Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has acquired an additional 1.77 billion shares in the financial services group valued at N222.20 billion.
The latest acquisition was made through his investment vehicle, Calvados Global Services Limited, according to a share-dealing notification filed with the Nigerian Exchange (NGX) on Thursday.
The transaction further strengthens Otedola’s position as one of the most influential shareholders in First HoldCo, the parent company of FirstBank.
Following the latest purchase, Otedola’s total holding in First HoldCo has increased from approximately 9.99 billion shares to 11.77 billion shares, taking his stake from 21.96 per cent to 25.88 percent.
Otedola continues aggressive share purchases.
The latest transaction is part of a series of significant acquisitions by Otedola as he continues to increase his ownership of First HoldCo.
On July 22, 2026, Calvados Global Services Limited acquired approximately 706.13 million First HoldCo shares valued at N77.58 billion at N109.88 per share.
That purchase increased Otedola’s stake to 21.96 per cent.
His latest acquisition of 1.77 billion shares represents a further substantial increase and brings his total holding to about 25.88 per cent of the company’s issued shares.
Closing in on 30 per cent
Otedola’s latest move is likely to attract significant attention from investors because his 25.88 per cent holding places him within reach of the 30 percent ownership threshold under Nigeria’s capital market rules.
A shareholder who crosses the applicable 30 per cent threshold in a public company may be required to make a mandatory takeover offer to other shareholders, subject to applicable regulatory requirements and exemptions.
Otedola is therefore now just over four percentage points away from the threshold.
Whether he intends to continue accumulating shares remains a key question for investors and analysts watching First HoldCo.
First HoldCo remains a major player
First HoldCo is the parent company of FirstBank of Nigeria and has interests across banking, asset management, capital markets, trusteeship and other financial services.
Otedola became Group Chairman of First HoldCo in January 2024 and has since maintained a significant presence in the company’s ownership structure.
His continued acquisition of shares has also coincided with strong investor interest in First HoldCo on the Nigerian Exchange.
The latest N222.20 billion transaction further demonstrates the scale of Otedola’s investment in the financial institution and reinforces his growing influence over the company.
