Billionaire businessman, Femi Otedola, has taken his ownership of First HoldCo Plc to a new level after buying nearly 1.8 billion additional shares in the financial services group.

The latest acquisition, valued at about ₦222.2 billion, has pushed Otedola’s total holding in First HoldCo to 11.76 billion shares, giving him a 25.87% beneficial interest in the company.

According to a regulatory filing submitted to the Nigerian Exchange (NGX), Otedola acquired exactly 1,779,094,976 ordinary shares at ₦124.90 each.

At that price, his entire First HoldCo stake is now worth approximately ₦1.47 trillion, equivalent to about $1 billion, placing it among the biggest individual shareholdings in Nigeria’s financial services sector.

The latest investment comes barely a week after Calvados Global Services Limited, an entity linked to Otedola, purchased 706.13 million First HoldCo shares for ₦77.6 billion.

The fresh buying spree comes amid a sharp rise in First HoldCo’s stock, which has gained more than 120% in the past month, making it one of the strongest-performing large-cap stocks on the Nigerian Exchange.

The remarkable rally has also renewed discussions around the valuation of Nigerian banking stocks. While several Nigerian lenders continue to trade below their book value despite recording returns on average equity comparable with major African banks, First HoldCo has moved in the opposite direction.

The company’s shares are currently trading at about 1.7 times book value, based on an annualised return on average equity of roughly 30%, bringing its valuation closer to leading pan-African banking institutions.

The NGX regulatory filing shows that Otedola purchased 1,779,094,976 First HoldCo ordinary shares at ₦124.90 per share, putting the value of the transaction at approximately ₦222.2 billion.

Following the purchase, his beneficial interest rose to 11,763,018,192 shares, representing 25.87% of First HoldCo’s issued share capital.

The transaction follows the insider purchase involving Calvados Global Services Limited last week. The company, which is related to Otedola, acquired 706.13 million shares valued at ₦77.59 billion.

Together, the two transactions amount to nearly ₦300 billion invested in First HoldCo within just over a week.

At First HoldCo’s closing share price of ₦124.90, Otedola’s 11.76 billion shares are now worth about ₦1.47 trillion, or approximately $1 billion.

The latest acquisition has significantly increased the value of Otedola’s investment in First HoldCo and is likely to fuel further speculation about his long-term plans for the financial group.

With his stake now at 25.87%, Otedola has strengthened his position as First HoldCo’s largest shareholder and moved closer to controlling more than one-quarter of Nigeria’s oldest banking group.

Sources familiar with previous transactions had reported that Otedola could ultimately be working towards a 51% controlling interest.

However, that claim has not been independently verified, while neither Otedola nor First HoldCo has publicly confirmed any plan to pursue such a stake.

If achieved, a 51% holding would give Otedola significantly greater control over one of Nigeria’s largest financial institutions.

The latest purchase is also consistent with Otedola’s investment strategy of building substantial positions in companies where he has exercised strategic influence.

Before gradually reducing his interest in Geregu Power Plc, Otedola held approximately 78% of the power generation company.

Unlike companies with highly concentrated ownership structures, First HoldCo continues to have a relatively broad shareholder base, leaving room for additional share purchases, subject to regulatory requirements.

Otedola’s latest investment comes shortly after First HoldCo posted what has been described as the strongest financial performance in its history.

For the six months ended June 30, 2026, the Group recorded a pre-tax profit of ₦653.54 billion, representing an 83.5% increase from the ₦356.15 billion reported during the same period in 2025.

Interest income stood at ₦1.40 trillion, while net interest income reached ₦879.13 billion. Net fee and commission income was ₦178.51 billion as the Group continued to improve asset quality, capital adequacy and operating efficiency.

The improved financial results have also boosted investor confidence in the company.

First HoldCo has projected that its full-year 2026 profit before tax will exceed ₦1.2 trillion ($876 million), with the company expecting its recapitalisation programme and efforts to clean up legacy bad loans to support future performance.

The banking group also recently became the first Nigerian banking stock to cross the ₦5 trillion market capitalisation mark during intraday trading.

Its share price has climbed by more than 120% over the past month, placing First HoldCo among the standout performers on the Nigerian Exchange.