Otedola boosts First HoldCo stake to 25.87% with fresh N222.2bn purchase

Femi Otedola has spent roughly N222.2 billion to buy 1.78 billion more First HoldCo shares, pushing his total stake to 25.87% and cementing his position as the bank’s largest shareholder.

Otedola Buys N222bn More First HoldCo Shares, Stake Hits 25.87%

Otedola isn’t slowing down. Per a regulatory filing to the Nigerian Exchange cited by Nairametrics, the billionaire snapped up 1,779,094,976 ordinary shares at N124.90 apiece, lifting his beneficial holding to 11.76 billion shares — 25.87% of First HoldCo. His stake is now worth about N1.47 trillion, or roughly $1 billion.

This follows a related buy just a week earlier, when Calvados Global Services Limited — an Otedola-linked entity — picked up 706.13 million shares worth N77.6 billion. Combined, that’s nearly N300 billion committed in just over a week.

The purchases coincide with First HoldCo’s stock rallying over 120% in the past month, after the bank posted a record N653.54 billion pre-tax profit for H1 2026, an 83.5% jump year-on-year. Full-year profit before tax is projected to exceed N1.2 trillion.