Billionaire Femi Otedola Boosts First HoldCo Stake With Massive N43bn Share Acquisition
- Femi Otedola has increased his stake in First HoldCo Plc after buying 549.5 million shares worth about N43.41 billion
- The shares were purchased at N79 each through Calvados Global Services Limited, a company linked to Otedola
- The latest acquisition strengthens his position as the company’s largest shareholder amid growing investor interest in First HoldCo
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Chairman of First HoldCo Plc, Femi Otedola, has strengthened his position in the company after acquiring 549.5 million additional shares valued at about N43.41 billion.
The transaction was revealed in an insider dealing notice filed with the Nigerian Exchange (NGX) on Wednesday, May 13, 2026.
Source: UGC
According to the disclosure, the shares were bought on May 13, 2026, at N79 per share. The filing showed that a total of 549,535,653 ordinary shares were involved in the deal.
The purchase was carried out through Calvados Global Services Limited, a company linked to Otedola, who remains a major shareholder and chairman of the financial institution.
The latest deal is part of a broader wave of strategic investments that has made First HoldCo Plc one of the most actively monitored banking stocks on the Nigerian capital market this year.
Otedola's stake rises amid strong investor interest
Following the latest acquisition, Otedola’s total stake in First HoldCo has risen from the 8.05 billion shares recorded in the company’s 2025 audited financial statement to roughly 8.6 billion shares.
Market data from the NGX indicates that the purchase further cements his position as the company’s largest shareholder, tightening his grip on the financial services group.
The move comes at a time when investor interest in First HoldCo shares has increased significantly, driven by the company’s strong first-quarter financial performance.
In December 2025, Otedola had also expanded his holdings in the company after purchasing additional shares worth N14.8 billion, a move that raised his ownership stake to 18.12%.
In First HoldCo’s unaudited consolidated and separate financial statements for the year ended December 31, 2025, Otedola’s combined direct and indirect shareholding stood at about 8.02 billion shares.
Femi Otedola previously described himself as an “activist shareholder” focused on cutting unnecessary spending, protecting customers’ deposits, increasing shareholder value, and creating a positive impact on both society and the environment.
Source: Instagram
Otedola Exits Geregu Power With N1.088 Trillion Stake Sale
Earlier reports by Legit.ng revealed that Otedola has fully exited Geregu Power Plc after selling his controlling interest in a deal valued at N1.088 trillion, equivalent to about $750 million.
Under the agreement, Otedola transferred his 95% equity stake in Geregu Power, held through Amperion, to MA’AM Energy Ltd, an integrated energy company based in Abuja.
The multi-billion-naira deal officially hands over control of Geregu Power from companies linked to Otedola to MA’AM Energy, marking one of the biggest transactions in Nigeria’s power sector.
Source: Legit.ng
