Femi Otedola Boosts First HoldCo Stake to 21.95%
Chairman of First HoldCo Plc, Femi Otedola, has increased his investment in the financial holding company after a related entity acquired 706,131,179 ordinary shares valued at about ₦77.6 billion. The transaction was disclosed on the Nigerian Exchange (NGX) on July 22, 2026.
Calvados Global Services Limited, described as “a company related to a significant shareholder, Mr. Olufemi Otedola, CON,” purchased the shares at ₦109.88 each. The deal is worth roughly ₦77.59 billion.
Impact on Ownership and Market Position
The latest purchase raises Otedola’s combined holding in First HoldCo to 9,277,792,037 shares, representing a 21.95 % stake in the company. Prior to this transaction, he held 3,251,346,245 shares directly and 6,026,445,792 shares indirectly, giving him a 20.4 % interest.
The filing classifies the transaction as an initial insider dealing notification and notes that Calvados Global Services Limited is linked to the First HoldCo chairman. It also marks one of the largest publicly disclosed insider share acquisitions on the NGX this year.
Financial Context and Speculation
The acquisition follows First HoldCo’s release of its half‑year results, which showed a pre‑tax profit of ₦653.54 billion for the six months ended June 30 2026 – an 83.5 % rise from the ₦356.15 billion recorded in the same period of 2025. Interest income reached ₦1.40 trillion, net interest income stood at ₦879.13 billion, and net fee and commission income amounted to ₦178.51 billion.
Shortly before the deal, First HoldCo became the first Nigerian banking stock to surpass a ₦5 trillion market capitalisation during intraday trading. Analysts say the move fuels speculation that Otedola may eventually aim for a controlling 51 % stake, although neither he nor the company has confirmed such plans.
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