Otedola Injects Fresh ₦18.1 Billion Into First HoldCo

Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has further increased his stake in the financial services group after acquiring an additional 138.04 million ordinary shares valued at approximately ₦18.1 billion.

The latest transaction, executed through Calvados Global Services Limited, a company linked to Otedola, raises his total shareholding in First HoldCo to 11.90 billion shares, equivalent to approximately 26.1% of the company’s outstanding shares.

The acquisition was made on August 6, 2026, at a price of ₦131.20 per share and was disclosed in a regulatory filing signed by First HoldCo’s Group Company Secretary, Abiola Baruwa.

According to the disclosure, Calvados Global Services Limited purchased exactly 138,041,465 ordinary shares on the Nigerian Exchange.

Following the transaction, Otedola’s holding increased from 11,763,018,192 shares to 11,901,059,657 shares, further consolidating his position as the largest shareholder in First HoldCo.

The latest purchase comes amid a sharp appreciation in First HoldCo’s share price. The company’s shares closed at ₦148.35 on August 7, giving the 11.90 billion shares held by Otedola a market value of approximately ₦1.77 trillion.

The valuation represents a substantial increase in the market worth of Otedola’s position and highlights the impact of First HoldCo’s strong share-price performance on the billionaire’s investment.

First HoldCo shares have recorded one of the strongest rallies on the Nigerian Exchange in 2026. According to Nairametrics, the stock had gained approximately 209.7% year-to-date as of August 7, reflecting strong investor demand and growing market confidence in the company’s transformation.

The latest acquisition also extends a remarkable sequence of share purchases by Otedola and entities associated with him.

Just one week before the latest transaction, Otedola acquired approximately 1.779 billion First HoldCo shares in a deal valued at ₦222.2 billion. Before that, Calvados Global Services Limited purchased another 706.13 million shares valued at approximately ₦77.6 billion.

The series of transactions means Otedola has committed hundreds of billions of naira to increasing his ownership of First HoldCo within a relatively short period.

we reported that the purchases of ₦222.2 billion and ₦77.6 billion, combined with the latest acquisition, underline the scale of Otedola’s renewed investment in the financial services group.

More importantly, the latest purchase comes against the backdrop of Otedola’s stated ambition to eventually take majority control of First HoldCo.

In an interview reported earlier by Nairametrics in August, Otedola disclosed plans to build a controlling stake of more than 51% in the company. He argued that majority ownership would provide the control required to implement the reforms and restructuring he believes are necessary to unlock additional long-term value for shareholders.

The billionaire pointed to his previous investments as evidence of this approach. At African Petroleum Plc, which later became Forte Oil Plc, Otedola increased his ownership from 28% to 75% before eventually exiting the company in 2019.

He adopted a similar strategy at Geregu Power Plc, where his holding rose from 51% to 95% before he subsequently reduced it to 77% following the company’s listing in 2022.

His growing position in First HoldCo therefore appears to form part of a broader investment strategy centred on acquiring substantial ownership, increasing influence and participating directly in the restructuring and growth of companies in which he invests.

At 26.1%, Otedola now controls more than one-quarter of First HoldCo’s outstanding shares. However, reaching his stated target of more than 51% would require him to acquire a further substantial portion of the company’s equity.

The latest acquisition is consequently significant not only because of its ₦18.1 billion value, but because it demonstrates that Otedola’s accumulation of First HoldCo shares remains active even after his stake has crossed the 25% level.

The development is also unfolding as First HoldCo continues to attract strong investor interest on the Nigerian Exchange. The company’s rising share price has significantly increased its market valuation while simultaneously raising the value of Otedola’s existing position.

At the August 7 closing price of ₦148.35, Otedola’s 11.90 billion shares were worth approximately ₦1.77 trillion based on market value.

The latest acquisition therefore adds another layer to an increasingly important shareholder story at First HoldCo. With Otedola continuing to build his position and publicly stating an ambition to exceed 51%, investors are likely to closely monitor subsequent regulatory disclosures for signs of further accumulation.

For First HoldCo, the development places one of Nigeria’s most prominent businessmen at the centre of its ownership structure. For Otedola, the latest ₦18.1 billion investment represents another step towards his stated objective of securing majority control of the financial services group.

The immediate significance of the transaction is clear: Otedola has increased his First HoldCo holding to 11.90 billion shares, representing 26.1% of the company, while the market value of that position has climbed to approximately ₦1.77 trillion at the latest closing price.