Femi Otedola Hedges FirstHoldCo Stake Above 17% with ₦14.8bn Share Acquisition

 

Billionaire investor Femi Otedola has increased his stake in FirstHoldCo Plc to over 17% after acquiring additional shares worth ₦14.8bn, according to NGX filings

Billionaire investor Femi Otedola has further strengthened his influence in FirstHoldCo Plc, the parent company of First Bank of Nigeria, following the acquisition of additional shares valued at ₦14.8 billion.

The latest transaction, disclosed in a notice filed with the Nigerian Exchange Group (NGX) on Thursday, pushed Otedola’s ownership stake in the financial holding company to over 17 per cent.

The disclosure, signed by Group Company Secretary, Abiola Baruwa, revealed that the shares were acquired through Calvados Global Services Limited, an investment vehicle linked to the billionaire businessman.

According to the filing, 369,986,122 ordinary shares were purchased on December 18 at an average price of ₦40.06 per share.

The acquisition marks the most recent in a series of strategic share purchases by Otedola, underscoring his growing commitment to the bank’s long-term prospects.

Earlier, on September 25, 2025, FirstHoldCo announced that Otedola had acquired an additional 64.87 million shares valued at approximately ₦2.01 billion.

A breakdown of that transaction showed that 39.3 million shares, worth about ₦1.2 billion, were purchased directly on September 23, while another 25.6 million shares, valued at ₦793.6 million, were acquired indirectly through Calvados Global Services Limited.

Those earlier purchases raised Otedola’s stake in FirstHoldCo to 16.1 per cent, up from 13.15 per cent recorded in September 2024.

Market watchers say the sustained accumulation of shares by one of Nigeria’s most prominent investors signals strong confidence in FirstHoldCo’s corporate governance reforms, growth strategy, and long-term value within the country’s banking sector.