Femi Otedola has significantly increased his stake in First HoldCo Plc after an insider-related company acquired 706.13 million ordinary shares worth about ₦77.6 billion.
The new purchase reinforces his position as one of the lender’s largest shareholders just days after the company posted record half-year earnings.
A regulatory filing by First HoldCo on July 22, 2026, showed that Calvados Global Services Limited, an entity related to Otedola, purchased 706,131,179 ordinary shares at ₦109.88 per share on the Nigerian Exchange Limited (NGX).
The transaction, disclosed in a “Notification of Share Dealing by an Insider,” was valued at approximately ₦77.59 billion and took place on the same day the filing was made.
The latest acquisition raises Otedola’s combined shareholding in First HoldCo to 9,277,792,037 shares, representing 21.95 per cent of the company’s total outstanding shares, further strengthening his influence in one of the Nigerian Exchange’s best-performing banking stocks this year.
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The purchase comes shortly after First HoldCo reported record half-year earnings and became the first Nigerian banking stock to exceed a market capitalisation of ₦5 trillion, marking another milestone in the company’s recent market performance.
The latest investment also signals Otedola’s continued confidence in the financial services group despite the sharp appreciation in its share price.
Pinnacle Daily had earlier reported that the billionaire investor’s holdings in First HoldCo had already gained about $221 million, or more than ₦330 billion at current exchange rates, within three weeks as the company’s stock rallied on the Nigerian Exchange.
An analysis of NGX market data showed that the value of Otedola’s 9.28 billion shares increased from about $420 million on June 26 to approximately $641 million by July 17 as the share price climbed to ₦95.95.
That increase came solely from the rise in First HoldCo’s share price, with no indication at the time that Otedola had acquired additional shares.
The latest purchase changes that position, as by investing another ₦77.6 billion through Calvados Global Services Limited, Otedola has expanded both the value and size of his investment, further consolidating his stake in First HoldCo at a time when investor interest in the stock remains strong.
The regulatory filing identified Calvados Global Services Limited as an entity related to Otedola, who also serves as Chairman of First HoldCo’s Board of Directors.
The notification was signed by Group Company Secretary Abiola Baruwa and filed in line with market disclosure requirements governing insider dealings on the Nigerian Exchange.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X