Billionaire Investor and Group Chairman of First HoldCo Plc, Femi Otedola, has further consolidated his controlling position in the financial services group following a major insider transaction valued at ₦18.11 billion on the Nigerian Exchange (NGX).
According to a regulatory filing released by Group Company Secretary Abiola Baruwa, the purchase was executed on August 6, 2026, through Otedola’s investment entity, Calvados Global Services Limited.
Transaction Breakdown
- Shares Purchased: 138,041,465 ordinary shares.
- Execution Price: ₦131.20 per share.
- Total Transaction Value: ₦18,111,040,208 (approx. $12 million).
- New Ownership Level: The acquisition pushes Otedola’s total shareholding to roughly 11.90 billion shares, representing a 26.1% controlling stake in the financial holding group.
Strategic Push Toward 51% Control
This latest injection follows an aggressive series of capital deployments by Otedola in 2026 alone—including a massive ₦222.2 billion block purchase just a week prior, alongside multi-billion naira share acquisitions in June and July.
The continuous accumulation aligns with Otedola’s publicly stated ambition of securing a majority interest exceeding 51% in the bank holding entity to drive long-term structural reforms and maximize shareholder value.
Driven by strong investor sentiment and Otedola’s strategic backing, First HoldCo’s market capitalization has rallied beyond ₦6 trillion, reinforcing its status as one of the most capitalized financial institutions on the Nigerian Exchange.
