Femi Otedola, the chairman of First HoldCo Plc, has expanded his controlling stake in the financial institution by purchasing an additional 138 million shares. The transaction was disclosed in a regulatory filing signed by the group's Company Secretary, Abiola Baruwa.

The acquisition was carried out through Calvados Global Services Limited. Otedola bought exactly 138,041,465 shares at a unit price of ₦131.2, representing 0.30% of the company's total outstanding shares.

Calvados Global Services Executes the Trade

This latest transaction solidifies Otedola's position as the largest shareholder of the financial services group. His total shareholding has now reached 27.16% of the company's issued share capital.

With this purchase, the chairman now controls approximately 11.9 billion shares in First HoldCo. Based on the market share price of ₦146.20 recorded at 12:35 p.m. on August 7, 2026, his total investment in the group is valued at ₦1.74 trillion.

A Multi-Billion Naira Buying Spree

Otedola has consistently increased his exposure to First HoldCo since first emerging as its majority shareholder in 2021. The August transaction is the latest in a rapid series of high-value acquisitions over the summer of 2026.

On July 30, 2026, Otedola acquired 1.78 billion shares valued at ₦222.2 billion. Just over a week earlier, on July 22, 2026, he purchased 706.1 million shares for ₦77.6 billion, following a June acquisition of 672.9 million shares worth ₦29.6 billion.

Capital Injection for First Bank

The June share purchase was executed at ₦44 per share during the ₦45 billion second tranche of First HoldCo's ₦350 billion private placement programme. This capital raise is designed to support the group's primary commercial banking operations.

First HoldCo plans to channel the proceeds from the private placement directly into First Bank of Nigeria Limited. The capital injection will fund the flagship subsidiary's capital restoration and balance sheet strengthening initiatives.