Otedola Raises First HoldCo Stake With Fresh N20.7bn Share Purchase

• Femi Otedola acquired another 147.74 million First HoldCo shares for N20.7bn through Calvados Global Services Limited.

• The latest purchase brings his disclosed First HoldCo share acquisitions in 2026 to about N412bn.

• Otedola’s continued accumulation comes as First HoldCo shares rally, with the stock recently reaching an intraday high of N150.

August 18, () — Femi Otedola has increased his investment in First HoldCo Plc after acquiring another 147.74 million shares in the financial services group for N20.7bn.

The transaction, executed on August 14 at N140 per share, was carried out through Calvados Global Services Limited, an investment vehicle associated with the billionaire businessman.

The latest acquisition adds to Otedola’s aggressive accumulation of First HoldCo shares this year, further strengthening his position in the financial services group.

Otedola’s Buying Spree Gathers Pace

Otedola, who chairs First HoldCo, has been steadily increasing his ownership of the group and has previously expressed an ambition to raise his stake beyond 51 per cent.

His purchases have accelerated significantly in recent months, with several major acquisitions disclosed since May.

In May, he acquired 549.54 million shares for about N43.41bn, followed by another 672.9 million shares worth N29.6bn in June through the company’s private placement programme.

He stepped up his buying in July, acquiring 706.13 million shares for approximately N77.58bn on July 22.

Later that month, he made his largest disclosed acquisition, purchasing 1.78 billion shares at a cost of about N222.21bn.

He followed this with another acquisition of 138.04 million shares worth N18.11bn in early August.

Including the latest transaction, the disclosed value of Otedola’s First HoldCo share purchases in 2026 stands at roughly N412bn.

The scale and frequency of the purchases have made Otedola’s accumulation one of the most closely watched developments around First HoldCo, particularly because of his stated intention to move towards majority ownership.

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First HoldCo Shares Rally

Otedola’s continued accumulation has also coincided with a strong rally in First HoldCo’s share price, adding another dimension to his recent purchases.

The stock closed at N140 on August 17, after reaching an intraday high of N150 earlier in the month.

The share-price performance means that the value of Otedola’s recent acquisitions is being influenced not only by the number of shares he is accumulating but also by the rising market value of the company.

For investors, his continued buying could be viewed as an indication of sustained confidence from the company’s chairman, although the purchases do not by themselves guarantee future share-price performance.

Otedola’s growing position could also have implications for First HoldCo’s ownership structure if he continues buying towards his stated 51 per cent target.

Crossing that threshold would give him majority ownership and potentially increase his influence over the strategic direction of the financial services group.

The latest N20.7bn acquisition therefore extends a buying campaign that has already seen Otedola deploy more than N400bn into First HoldCo shares this year.

As further transactions emerge, investors will be watching whether the chairman continues accumulating shares, how close he moves to majority ownership and what the increasing concentration of ownership could mean for the company.