Nigerian billionaire and Chairman of First HoldCo Plc, Femi Otedola, has continued his aggressive accumulation of shares in the financial institution, pushing his ownership stake higher through a series of strategic acquisitions.
The latest of his First HoldCo Plc shares purchase series through Calvados Global Services Limited, a company he has significant interest in is 95,699,240 units at N131.48 per share.
The transaction was made on August 24, according to regulatory filings with the Nigerian Exchange Limited (NGX). The stock closed Monday’s trading at N127.9, after losing N2.05 or N1.58
With this latest transaction, Otedola steadily pursues his stated long-term goal of securing over 51 percent majority equity control in the financial institution.
Otedola’s heavy capital injection—committing hundreds of billions of naira—acts as a powerful vote of confidence in First HoldCo’s financial health and record earnings strength.
The August 24 transaction adds to the N412 billion which he had earlier spent to purchase the company’s shares as part of his aggressive accumulation campaign in 2026.
Otedola’s aggressive buying spree, coupled with strong half-year (H1) financials, has fueled massive market interest in First HoldCo Plc which recently surpassed competitors to become one of the most valuable banking stocks on the Nigerian Exchange Limited, creating capital gains for existing shareholders.
While Otedola’s latest purchases bolsters market confidence in First Holdco shares and the stock momentum, it also brings the market closer to a pivotal junction as he nears a 30 percent equity stake threshold.
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Read Full Article by Iheanyi Nwachukwu at businessday.ng
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