December 19, (THEWILL) — Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has further strengthened his grip on the financial services group after acquiring additional shares worth approximately ₦14.8 billion, pushing his ownership stake to over 18 percent.
The transaction was disclosed in a regulatory filing to the Nigerian Exchange (NGX) on Thursday. According to the notice signed by the company’s secretary, Abiola Baruwa, Otedola purchased 369,986,122 ordinary shares at ₦40.06 per share on December 18, 2025. The shares were acquired through Calvados Global Services Limited, an investment vehicle linked to the businessman.
The latest acquisition ranks among the most significant insider transactions recorded by First HoldCo this year and reinforces Otedola’s confidence in the group’s long-term prospects. With the purchase, he remains one of the company’s largest shareholders and deepens his strategic commitment to the institution.
The December deal builds on earlier share purchases made by Otedola in 2025. In September, he acquired an additional 64.87 million shares valued at about ₦2.01 billion, through a combination of direct purchases and transactions executed via Calvados Global Services Limited.
Cumulatively, Otedola’s investments over the past year have materially expanded his direct and indirect holdings. As reflected in mid-2025 financial statements, he owned over 3.2 billion shares directly and approximately 3.4 billion shares indirectly, with the most recent transaction lifting his effective ownership firmly into double-digit territory.
Market observers view the increased stake as a strong vote of confidence in First HoldCo’s ongoing restructuring and growth strategy. The group, which is the parent company of First Bank of Nigeria, has been implementing capital-raising initiatives, including rights issues and private placements, to strengthen its balance sheet, improve operational efficiency, and meet regulatory requirements.
The acquisition also comes amid broader changes in the company’s ownership structure following earlier divestments by former major shareholders, reshaping the control dynamics within the group.
With his stake continuing to rise, Otedola is expected to wield greater influence over corporate governance and strategic direction as First HoldCo pursues expansion and consolidation opportunities. Investors will be watching closely to assess how the evolving ownership structure impacts the group’s performance on the Nigerian Exchange in the months ahead.
Ogochukwu Onwaeze
