Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has significantly increased his investment in the financial services group after a related company acquired 706.13 million ordinary shares valued at approximately N77.6 billion on the Nigerian Exchange (NGX).
The acquisition, disclosed in a regulatory filing submitted to the NGX on Wednesday, comes just days after First HoldCo posted record half-year earnings and became the first Nigerian banking stock to surpass a N5 trillion market capitalisation, reinforcing investor confidence in the lender’s transformation and growth trajectory.
The latest transaction increases Otedola’s combined direct and indirect holdings to 9,277,792,037 shares, representing about 21.95 per cent of the company’s issued share capital, further cementing his position as the largest shareholder in the financial holding company.
According to the disclosure, Calvados Global Services Limited, a company linked to Otedola, purchased 706,131,179 ordinary shares at N109.88 per share on July 22, 2026, bringing the total value of the transaction to about N77.59 billion.
The filing classified the acquisition as an insider dealing notification, identifying Calvados Global Services as “a company related to a significant shareholder – Mr. Olufemi Otedola, CON.”
The transaction ranks among the largest insider share purchases disclosed on the Nigerian Exchange this year and underscores renewed confidence in the long-term prospects of First HoldCo.
The acquisition follows a sustained rally in the company’s share price, driven by record earnings, stronger capital buffers, improved asset quality and renewed investor optimism over the group’s strategic direction.
The latest purchase has also intensified market speculation over Otedola’s long-term ambitions for First HoldCo.
Before the latest acquisition, First HoldCo’s shareholding structure as of June 30, 2026, showed Otedola owning 3.25 billion shares directly and 6.03 billion shares indirectly, representing a combined 20.4 per cent interest.
The newly acquired shares are expected to be reflected in the company’s next official shareholding disclosure.
The insider purchase comes barely a day after First HoldCo became the first listed Nigerian banking institution to cross the N5 trillion market capitalisation mark during intraday trading on the Nigerian Exchange.
Capital market analysts say the scale of Otedola’s latest investment sends a strong signal to both domestic and foreign investors regarding the company’s future prospects.
Investment analyst Johnson Chukwu, Chief Executive Officer of Cowry Asset Management, said large insider purchases are generally interpreted as a vote of confidence in a company’s long-term value.
“When a major shareholder commits this level of capital, it demonstrates confidence in the institution’s earnings potential and future growth. It also sends a reassuring signal to the wider investment community that management believes the company remains undervalued or has significant upside.”
He noted, however, that investors would also be watching developments in the company’s ownership structure and corporate governance as Otedola’s influence continues to grow.
