Chairman of First HoldCo Plc, Olufemi Otedola, has significantly increased his ownership in the financial services group following a major share acquisition valued at over ₦43 billion. The transaction, executed on the Nigerian Exchange Limited, reinforces his growing influence within one of Nigeria’s largest banking groups.
The latest deal involved the purchase of more than 549 million ordinary shares at an average price of ₦79 per unit through his investment vehicle, Calvados Global Services Limited. With this move, Otedola’s total shareholding has risen to over 8.6 billion units, translating to a 19.35 percent stake in the company’s issued shares.
Brandspur Banking News Desk reports that the acquisition has positioned Otedola as the second-largest shareholder in the group, trailing only RC Investment Management Limited, which maintains the highest equity holding. The development also triggered heightened activity on the exchange, with trading volumes surging to record levels for the year as investor demand intensified.
The increased stake comes at a pivotal time for First HoldCo, which is seeking shareholder approval to raise approximately ₦253 billion as part of its capital expansion strategy. The planned fundraising is aimed at strengthening the group’s balance sheet and supporting its ambition to build a trillion-naira capital base through multiple financing channels.
Financial performance data for the first quarter of 2026 indicates strong earnings momentum, with pre-tax profit rising sharply on the back of improved interest income and growth in non-interest revenue streams. The group also reported an expansion in shareholders’ funds, driven by higher retained earnings and overall profitability.
Market analysts say the scale of Otedola’s latest investment underscores continued confidence in the bank’s long-term outlook, as well as the broader resilience of Nigeria’s financial services sector despite evolving economic conditions.
