Femi Otedola has further increased his stake in First HoldCo Plc after Calvados Global Services Limited, a company related to the significant shareholder, acquired 147.74 million shares of the financial services group for about ₦20.68 billion.
The transaction, disclosed by First HoldCo to the Nigerian Exchange Limited (NGX) on Monday, August 17, was executed on August 14 at ₦140 per share.
The latest purchase comes less than a month after Calvados acquired another 706.13 million First HoldCo shares for about ₦77.59 billion, further strengthening Otedola’s position in the company.
First HoldCo, in its latest regulatory filing, identified Calvados Global Services as a company related to Otedola, who is the Group Chairman and a significant shareholder of the financial services group.
The August transaction involved ordinary shares of First HoldCo and was described as a purchase of shares.
Otedola Deepens First HoldCo Position
The latest acquisition builds on Otedola’s aggressive increase in his indirect interest in First HoldCo over the past year.
A review of the company’s H1 2026 financial statements shows that Otedola held a combined 9.28 billion shares as of June 30, representing 20.40 per cent of First HoldCo’s issued share capital.
His direct holding stood at 3.25 billion shares, or 7.15 per cent, while his indirect interest through related entities stood at 6.03 billion shares, representing 13.25 per cent.
This was a significant increase from his combined holding of 6.68 billion shares, or 15.95 per cent, as of June 30, 2025.
His indirect stake accounted for most of the increase, rising from 3.47 billion shares, or 8.28 per cent, in June 2025 to 6.03 billion shares, or 13.25 per cent, a year later.
The July 22 acquisition of 706.13 million shares subsequently strengthened his position further, while Monday’s disclosure shows that the buying interest has continued.
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Buying Into a Stronger Financial Position
Otedola’s increased exposure comes as First HoldCo has delivered strong financial performance.
The company posted record half-year earnings in 2026, while its share price more than doubled over the year to June 30.
First HoldCo’s share price rose from ₦26.00 on June 30, 2025, to ₦56.05 on June 30, 2026.
At the June 30 price, Otedola’s 9.28 billion shares were worth about ₦520 billion.
The increase in his holding has also occurred alongside changes in the company’s shareholder structure. Barbican Capital Limited, which held 15.08 per cent of First HoldCo as of June 30, 2025, had no reported holding by June 30, 2026.
First HoldCo’s total issued share capital also increased from about 41.88 billion shares to 45.48 billion shares during the period.
While Otedola increased his direct holding by nearly 40 million shares, his direct ownership percentage fell from 7.67 per cent to 7.15 per cent because of the larger share capital.
Latest Purchase Signals Continued Confidence
The latest ₦20.68 billion purchase takes the value of the three disclosed acquisitions in July and August to about ₦98.27 billion, based on the transaction values provided.
The latest purchase is therefore not an isolated increase in Otedola’s exposure to First HoldCo. It follows a much larger acquisition disclosed on July 22 and comes against the backdrop of a substantial increase in his combined stake over the preceding year.
Otedola is also the only director listed under First HoldCo’s substantial shareholdings category of shareholders with holdings of 5 per cent and above. The combined direct and indirect holdings of all other directors amount to only 0.06 per cent.
The latest transaction further highlights the growing significance of Otedola’s position in First HoldCo as the company continues to expand its shareholder value and financial performance.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X