Otedola raises First HoldCo stake with fresh N20.7b share purchase

By Editor

Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has further increased his ownership of the financial services group after acquiring 147.74 million additional ordinary shares valued at N20.68 billion.

The latest purchase, executed through his investment vehicle, Calvados Global Services Limited, brings Otedola’s total shareholding in First HoldCo to about 12.05 billion shares, representing approximately 26.5 per cent of the company.

The transaction was disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX) on August 17 and signed by the company’s Secretary, Abiola Baruwa.

According to the filing, Otedola acquired 147,737,699 ordinary shares on August 14 at N140 per share.

The latest acquisition further strengthens his position as the largest shareholder in First HoldCo and takes his holding beyond one-quarter of the group’s issued share capital.

The purchase comes as First HoldCo continues to attract strong investor interest on the NGX, with its shares recording substantial gains this year.

The stock closed at N140 on Monday, representing a year-to-date increase of about 192.3 per cent.

The sharp appreciation has been supported by renewed investor confidence in the group’s transformation strategy, broader positive sentiment towards financial stocks and continued accumulation by major shareholders.

Otedola’s latest acquisition is part of an aggressive share-buying programme that has significantly expanded his position in First HoldCo over the past two months.

Earlier in August, he acquired another 138.04 million shares valued at N18.11 billion.

In July, the businessman completed two larger acquisitions, purchasing 1.779 billion shares for approximately N222.2 billion and another 706.13 million shares valued at about N77.6 billion.

The series of transactions has substantially increased Otedola’s influence over the financial services group and aligns with his stated ambition to build a controlling interest of more than 51 per cent in First HoldCo.

Otedola has said majority ownership would give him greater capacity to implement reforms, restructuring initiatives and strategic decisions aimed at unlocking long-term value for shareholders.

His approach reflects his previous investments in Nigerian companies, particularly Forte Oil Plc and Geregu Power Plc.

At Forte Oil, formerly African Petroleum Plc, Otedola increased his stake from 28 per cent to 75 per cent before eventually exiting the company in 2019.

At Geregu Power Plc, he similarly increased his ownership from 51 per cent to 95 per cent before reducing it to 77 per cent following the company’s listing on the NGX in 2022.

The continued accumulation of First HoldCo shares signals Otedola’s long-term commitment to reshaping the group and strengthening his influence over its strategic direction.

For investors, the sustained buying by the chairman also comes against the backdrop of a strong rally in First HoldCo shares, making the company one of the best-performing financial stocks on the Nigerian Exchange in 2026.

With his latest purchase, Otedola now holds about 26.5 per cent of First HoldCo, leaving him with a further 24.5 percentage points to acquire if he is to achieve his publicly stated ambition of exceeding a 51 per cent controlling stake.