Femi Otedola increases First HoldCo stake with N20.7bn share purchase

…cementing dominant position

Femi Otedola, billionaire investor and chairman of First HoldCo Plc, has further cemented his dominance in the financial institution, continuing a strategic accumulation of shares that underscores his long-term confidence in Nigeria’s banking sector.

The latest transaction on August 14 through his company of interest, Calvados Global Services, involved a purchase of 147,737,699 units of First HoldCo Plc shares at N140 per share.

By steadily increasing his share percentage, Otedola is reinforcing his position as the dominant shareholder, echoing his long-term playbook of securing strategic control in major Nigerian enterprises.

This consistent investment underscores strong market confidence in the future of Nigeria’s premier banking group.

Otedola has indicated a target equity control of over 51 percent, aiming for outright majority ownership of First HoldCo Plc.

As Otedola moves closer to his target of majority ownership, market watchers anticipate that these steady injections of capital will drive long-term structural value for shareholders and enhance the bank’s competitive edge.

Year-to-Date (YtD), the stock has returned approximately +192.28 percent, reflecting massive upward momentum driven by strong financial results and aggressive purchases. As at the close of trading on Monday, August 17, the stock stood at N140.

First HoldCo had touched a peak of N150 per share during intraday trading in early August (notably around August 7), marking a historic high for the stock amid heavy demand and…