Femi Otedola Raises First HoldCo Stake to 19.4%

Femi Otedola has increased his ownership in First HoldCo Plc after acquiring 549.5 million shares valued at approximately N43.4 billion. The transaction, disclosed in a regulatory filing on Wednesday, further strengthens the billionaire investor’s influence in the parent company of First Bank of Nigeria Limited.

The shares were acquired at N79 per unit through Calvados Global Services Limited, Otedola’s special purpose investment vehicle.

Following the latest acquisition, Otedola’s combined direct and indirect holdings in First HoldCo rose to approximately 19.4 percent, equivalent to about 8.65 billion shares.

According to the filing, the latest purchase represents one of the largest insider related transactions recorded on the Nigerian Exchange this year.

Breakdown of Femi Otedola’s First HoldCo Stake

Ownership Structure	Shares Before Acquisition	New Shares Acquired	Total Shares Held	Estimated Stake
Direct Holdings	3.3 billion	Nil	3.3 billion	7.3%
Indirect Holdings via Calvados Global Services	4.8 billion	549.5 million	5.35 billion	12.1%
Combined Total	8.1 billion	549.5 million	8.65 billion	19.4%

Previous Share Acquisitions

The latest investment adds to Otedola’s aggressive accumulation of shares in the financial services group over the past year.

In December 2025, the businessman purchased 370 million shares at N40.1 per share in a deal valued at about N14.8 billion.

Earlier in September 2025, he acquired 64.9 million shares worth nearly N2 billion. Of that figure, 39.3 million shares were purchased directly, while 25.6 million shares were acquired through Calvados Global Services Limited.

Market analysts believe the consistent increase in Otedola’s holdings signals strong confidence in the long term prospects of First HoldCo Plc amid ongoing banking sector reforms and recapitalisation efforts.

Ownership Shakeup at First HoldCo

The expansion of Otedola’s stake follows major ownership changes within the group last year.

Former leading shareholders Oba Otudeko and Oye Hassan-Odukale exited their positions in July 2025 through a series of negotiated off market transactions.

At the time, about 10.4 billion shares representing nearly 25 percent of the company’s outstanding shares were traded in 17 separate deals.

In a statement issued after the transactions, First HoldCo Plc said the sellers were Barbican Capital Limited and affiliates alongside Leadway Group and affiliates, while RC Investment Management Limited emerged as the acquiring entity.

Market Implications

The latest N43.4 billion acquisition is expected to reinforce investor attention on banking equities, particularly among institutional investors monitoring ownership concentration and board level influence in Nigeria’s tier one banking sector.

Analysts also note that the increased stake positions Otedola as a more dominant force within the financial institution at a time when Nigerian banks are preparing to meet stricter capital requirements introduced by the Central Bank of Nigeria.