Femi Otedola, the Chairman of First HoldCo Plc, has significantly increased his investment in the banking group by procuring 706.1 million new shares. This latest acquisition, valued at N77.6 billion, boosts his total interest in the corporation to 21.95%.
The shares were purchased on Wednesday, July 22, 2026, through Calvados Global Services Limited, a special purpose vehicle related to Mr. Otedola. The regulatory filing to the Nigerian Exchange (NGX) indicated the shares were acquired at N109.88 per unit, making it one of the largest disclosed insider acquisitions this year.
Mr. Otedola has been steadily accumulating First HoldCo shares since 2021, when he first became the largest shareholder. His previous acquisition in June involved adding 672.9 million shares, valued at N29.6 billion, at a price of N44 per unit during the N45 billion second tranche of the lender’s N350 billion private placement programme.
With this latest purchase, Otedola is now roughly one per cent away from RC Investment, which currently holds the largest stake at 22.94%. RC Investment emerged as the trustee for 10.4 billion shares offloaded by former top shareholders Oba Otudeko and Oye Hassan-Odukale in July of the previous year, who previously held their stakes through Barbican Capital Limited and Leadway Group & Affiliates, respectively.
The increased investment comes shortly after First HoldCo reported record half-year earnings. For the six months ended June 30, 2026, the Group posted a pre-tax profit of N653.54 billion, marking an 83.5% year-on-year increase from N356.15 billion recorded in the corresponding period of 2025.
During this period, First HoldCo achieved an interest income of N1.40 trillion, a net interest income of N879.13 billion, and a net fee and commission income of N178.51 billion. These figures, coupled with continued improvements in asset quality, capital adequacy, and operating efficiency, underscore the Group’s strong financial performance.
First HoldCo briefly became Nigeria’s most valuable bank stock on Monday, crossing a N5 trillion market capitalization milestone, before being valued at N4.77 trillion on Tuesday, behind Zenith Bank’s N4.84 trillion. The company is actively pursuing ambitions to beef up its paid-up capital to N1 trillion, having secured shareholder approval at its last annual general meeting in May, with the cash raised from its private placement programme intended for its commercial banking division, First Bank of Nigeria Limited, for capital restoration and balance sheet strengthening.
The latest acquisition has fueled speculation regarding Mr. Otedola’s long-term strategy for First HoldCo. Sources suggest he might ultimately target a 51% controlling stake, a claim that remains unverified publicly by Otedola or First HoldCo.
Historically, Mr. Otedola has maintained dominant ownership positions in companies where he exercises strategic control, such as his approximate 78% stake in Geregu Power Plc before gradually reducing it. Before Wednesday’s acquisition, First HoldCo’s June 30, 2026, shareholding disclosure showed Otedola held 3,251,346,245 shares directly and 6,026,445,792 shares indirectly, representing a combined 20.4% stake, with the company having a broad shareholder base and a free float of 56.59%.
