Billionaire investor and Chairman of First HoldCo Plc, Mr. Femi Otedola, has significantly consolidated his position as the group's largest individual shareholder by acquiring an additional 706.13 million ordinary shares valued at N77.59 billion.
A regulatory filing at the Nigerian Exchange (NGX) confirmed that Otedola executed the massive transaction through his investment vehicle, Calvados Global Services Limited, using a negotiated cross deal priced at N109.88 per share.
This latest transaction brings Otedola's cumulative investment in the financial institution over the past three months to approximately N121 billion, following a previous acquisition of 549.53 million shares worth N43.41 billion on May 13, 2026.
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The purchase expands Otedola’s equity stake in First HoldCo to 21.96 per cent, solidifying his dominance alongside institutional bridge holder RC Investment Management, which maintains a 22.94 per cent shareholding following earlier divestments by long-standing investors.
The substantial premium paid per share underlines Otedola's aggressive push for long-term strategic control over the financial holdings group as the enterprise positions itself for expansive post-recapitalization growth across Nigeria’s banking sector.
"Yesterday’s transaction brought Otedola’s new investments in the banking group to about N121 billion over the past three months, elevating his equity stake in First HoldCo to 21.96 per cent."
#FemiOtedola #FirstHoldCo #FirstBank #NGX #NigerianStockMarket #BankingSector #BusinessNews
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