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Femi Otedola has invested another ₦222.2 billion in First HoldCo, increasing his ownership to 25.87 percent and strengthening his position as the company’s largest shareholder.
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The latest purchase comes barely one week after a related entity acquired ₦77.6 billion worth of shares, bringing fresh investments linked to Otedola to nearly ₦300 billion.
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The acquisition follows First HoldCo’s record half-year earnings and sustained share price rally, further boosting investor confidence in the banking group.
July 30, (THEWILL) —
Otedola deepens investment in First HoldCo
Chairman of First HoldCo Plc, Femi Otedola, has significantly increased his stake in the financial holding company after acquiring an additional 1.779 billion ordinary shares valued at approximately ₦222.2 billion.
A regulatory filing submitted to the Nigerian Exchange (NGX) showed that the billionaire businessman purchased the shares at ₦124.90 each, raising his total beneficial ownership to 11.76 billion ordinary shares, equivalent to 25.87 percent of the company’s issued share capital.
The latest transaction further cements Otedola’s position as the single largest shareholder in Nigeria’s oldest banking group and reinforces his growing confidence in the lender’s long-term prospects.
Based on the acquisition price, Otedola’s investment in First HoldCo is now valued at about ₦1.47 trillion, making it one of the largest individual equity holdings in Nigeria’s financial services sector.
Fresh ₦300bn invested within one week
The latest acquisition comes barely one week after Calvados Global Services Limited, a company linked to Otedola, acquired 706.13 million First HoldCo shares valued at ₦77.59 billion.
Combined, the two transactions represent fresh investments of almost ₦300 billion in just over one week, highlighting an aggressive accumulation of shares as the company’s valuation continues to rise.
The purchases also coincide with a remarkable rally in First HoldCo’s share price, which has gained more than 120 percent over the past month, making it one of the best-performing large-cap stocks on the Nigerian Exchange.
The sustained buying interest has pushed the banking group’s market valuation to levels rarely seen among Nigerian financial institutions.
Stake fuels ownership speculation
Otedola’s increased stake has reignited market speculation over his long-term ambitions for First HoldCo.
With ownership now standing at 25.87 percent, he has moved significantly closer to controlling more than one-quarter of the company’s equity.
Although market speculation has linked the businessman with ambitions to further increase his holdings, neither Otedola nor First HoldCo has publicly indicated any intention to pursue a controlling stake in the lender.
The latest investment nevertheless reflects Otedola’s long-standing investment strategy of building significant positions in companies where he believes substantial long-term value can be created.
Record earnings boost investor confidence
The acquisition comes shortly after First HoldCo delivered the strongest financial performance in its history.
For the six months ended June 30, 2026, the Group reported a record pre-tax profit of ₦653.54 billion, representing an 83.5 percent increase from ₦356.15 billion recorded in the corresponding period of 2025.
Interest income rose to ₦1.40 trillion, while net interest income climbed to ₦879.13 billion. The Group also generated ₦178.51 billion in net fee and commission income as it continued to strengthen asset quality, capital adequacy and operating efficiency.
The bank has projected that profit before tax will exceed ₦1.2 trillion for the full year, supported by its ongoing recapitalisation programme and the resolution of legacy non-performing loans.
The stronger earnings outlook, combined with Otedola’s sustained share purchases, has further reinforced investor confidence in First HoldCo as one of the standout performers on the Nigerian Exchange.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
