Otedola boosts his First HoldCo stake with a ₦20.7bn share purchase, taking his disclosed 2026 acquisitions to about ₦412bn

Femi Otedola, Chairman of First HoldCo Plc, has strengthened his stake in the financial services group after acquiring 147.74 million shares worth ₦20.7 billion through investment vehicle Calvados Global Services Limited.

The transaction was completed on 14 August at ₦140 per share, according to details of the purchase.

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The latest acquisition adds to an aggressive buying spree by Otedola this year and takes his disclosed purchases of First HoldCo shares in 2026 to roughly ₦412 billion.

Otedola has steadily increased his position in the company as he pursues a previously stated ambition of taking his ownership above 51 per cent.

His latest purchase is the most recent in a series of sizeable transactions that have significantly expanded his exposure to the group.

In May, Otedola acquired 549.54 million shares for about ₦43.41 billion.

He followed that with the purchase of 672.9 million shares worth approximately ₦29.6 billion in June through First HoldCo’s private placement programme.

The pace accelerated in July, when he bought 706.13 million shares for about ₦77.58 billion on 22 July.

Later in the month, Otedola completed his largest disclosed acquisition of the year, purchasing 1.78 billion shares for approximately ₦222.21 billion.

He subsequently acquired another 138.04 million shares for ₦18.11 billion in early August.

The latest ₦20.7 billion transaction therefore adds another substantial block to a holding that has been growing rapidly throughout 2026.

Otedola’s accumulation has also coincided with a strong performance in First HoldCo’s share price.

The stock closed at ₦140 on 17 August, after reaching an intraday high of ₦150 earlier in the month.

The sustained buying has placed Otedola’s First HoldCo stake among the key issues being watched by investors, particularly as the billionaire moves closer to his stated goal of securing majority ownership.

The purchases also underline the significance of Otedola’s position as chairman and major shareholder of the group, which has interests spanning banking and other financial services.

For investors, the scale and frequency of the acquisitions provide a closely watched signal of Otedola’s confidence in the company’s longer-term prospects, while his pursuit of majority control could have further implications for the group’s ownership structure.

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For now, the latest transaction takes his disclosed 2026 purchases to about ₦412 billion, reinforcing what has become one of the most striking share accumulation campaigns on the Nigerian equities market this year.