Billionaire businessman, Femi Otedola, has increased his ownership in First HoldCo Plc after purchasing an additional 138.04 million ordinary shares worth approximately ₦18.11 billion, further strengthening his position as one of the largest shareholders in Nigeria’s most valuable listed banking group.
The latest acquisition was disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX), which showed that Calvados Global Services Limited, a company associated with Otedola, acquired the shares on August 6, 2026, at ₦131.20 per share.
Following the transaction, Otedola’s total shareholding in First HoldCo rose from 11.85 billion shares (25.8 percent) to 11.99 billion shares, representing 26.1 percent of the financial services group.
The purchase comes just days after the billionaire investor publicly reaffirmed his determination to increase his stake in the company, describing his investment as a long-term commitment rather than a short-term financial play.
Speaking earlier this week, Otedola revealed that he has committed more than ₦600 billion of his personal wealth to First HoldCo, stressing that his confidence in the institution is rooted in its future growth potential and transformation strategy.
According to him, his investment philosophy has always been based on acquiring significant ownership in companies where he believes lasting reforms can unlock value for shareholders.
He explained that majority shareholder control often provides the stability required to implement strategic reforms while ensuring that the interests of minority investors remain protected.
Otedola noted that his preferred investment threshold has consistently been above 51 percent, saying effective restructuring becomes easier when there is strong shareholder leadership capable of driving long-term decisions.
The latest acquisition has further fueled speculation within Nigeria’s capital market that the businessman could continue increasing his ownership in First HoldCo if opportunities arise.
His latest purchase also extends a series of aggressive investments in the banking group over the past year.
Earlier in 2026, Otedola acquired shares valued at more than ₦43 billion before participating in the company’s capital raising exercise with another investment running into tens of billions of naira. He later expanded his stake again through another major share purchase worth over ₦77 billion, reinforcing market confidence in the lender’s future.
Industry analysts say repeated insider acquisitions of this scale usually signal strong confidence in a company’s long-term prospects and often attract additional interest from institutional and retail investors.
The transaction comes as First HoldCo continues to enjoy remarkable momentum on the Nigerian Exchange.
Investor demand has remained exceptionally strong throughout the year, helping drive the bank’s share price to historic levels.
On Thursday, First HoldCo’s stock reached an all-time high of ₦140 per share, pushing the company’s market capitalisation to approximately ₦6.37 trillion and making it the most valuable banking group listed on the Nigerian Exchange.
The company’s shares have now gained more than 190 percent since the beginning of the year, making the stock one of the strongest performers in Nigeria’s equity market.
Market observers attribute the impressive rally to sustained investor confidence, improving financial expectations, ongoing corporate reforms and optimism surrounding the company’s leadership.
Since assuming a more influential role within First HoldCo, Otedola has consistently emphasised stronger corporate governance, operational efficiency, improved profitability and long-term value creation.
His growing investment has continued to attract attention from investors monitoring ownership changes within Nigeria’s banking sector.
Although the businessman has not announced any immediate plans for another acquisition, his recent comments suggest he remains open to increasing his stake if the right opportunities become available.
Regulatory rules require major shareholders and company insiders to disclose significant share transactions, ensuring transparency and allowing investors to monitor changes in ownership structures.
The latest filing therefore provides further evidence of Otedola’s continued confidence in First HoldCo’s long-term prospects.
For investors, the additional ₦18.11 billion investment represents more than another share purchase. It reinforces confidence in the lender’s transformation agenda and strengthens expectations that the company will continue pursuing growth initiatives aimed at improving shareholder value.
With First HoldCo maintaining its position as Nigeria’s most valuable listed banking institution and Otedola steadily increasing his investment, market participants are expected to closely watch future regulatory disclosures for signs of additional share acquisitions.
The latest transaction raises Otedola’s ownership to 26.1 percent, further consolidating his influence within the financial institution and underscoring his commitment to the bank’s long-term expansion strategy.