Chairman of First HoldCo Plc, Femi Otedola, has increased his investment in the financial holding company after a related entity acquired 706,131,179 ordinary shares valued at about ₦77.6 billion in a transaction disclosed on the Nigerian Exchange (NGX).
Naija News reports that the acquisition was contained in a regulatory filing submitted to the NGX on Wednesday as an initial notification of insider dealing.
According to the filing, Calvados Global Services Limited, identified as “a company related to a significant shareholder, Mr. Olufemi Otedola, CON,” purchased the shares at ₦109.88 each on July 22, 2026. The transaction is valued at approximately ₦77.59 billion.
The latest purchase increases Otedola’s combined holding in First HoldCo to 9,277,792,037 shares, representing a 21.95% stake in the company.
The filing classified the transaction as an initial insider dealing notification and identified Calvados Global Services Limited as a company linked to the First HoldCo chairman. It also represents one of the largest publicly disclosed insider share acquisitions on the Nigerian Exchange this year.
The acquisition follows First HoldCo’s recent release of its half-year financial results and comes shortly after the company became the first Nigerian banking stock to exceed a ₦5 trillion market capitalisation during intraday trading.
For the six months ended June 30, 2026, First HoldCo reported a pre-tax profit of ₦653.54 billion, an 83.5% increase from the ₦356.15 billion recorded in the corresponding period of 2025. The group also posted interest income of ₦1.40 trillion, net interest income of ₦879.13 billion and net fee and commission income of ₦178.51 billion.
Before the latest acquisition, the company’s June 30, 2026 shareholding disclosure showed that Otedola held 3,251,346,245 shares directly and 6,026,445,792 shares indirectly, giving him a combined 20.4% stake. The additional purchase lifts that interest to 21.95%, based on the latest regulatory filing.
The transaction has also fuelled speculation over Otedola’s long-term plans for the company. Sources familiar with the deal told Nairametrics that he could eventually seek a 51% controlling stake. However, the publication stated it could not independently verify the claim, while neither Otedola nor First HoldCo has publicly confirmed it.
