Otedola Consolidates Grip on First HoldCo, Acquires N14.8bn Shares, Increases Ownership Stake

• Femi Otedola has acquired additional First HoldCo shares worth N14.8 billion, raising his stake to over 18 percent.
• The transaction, which follows earlier acquisitions in September 2025, was disclosed in an NGX filing signed by the group company secretary, Abiola Baruwa.
• The shares were purchased through Calvados Global Services Limited, a company linked to Mr Otedola, at N40.06 per share on December 18.

Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.

Femi Otedola, chairman of First HoldCo Plc, has increased his ownership stake in the financial holding company after acquiring additional shares valued at N14.8 billion, The Cable reported.

The transaction was disclosed in a notice signed by the group company secretary, Abiola Baruwa, and filed with the Nigerian Exchange Group (NGX) on Thursday.

According to the filing, the shares were acquired through Calvados Global Services Limited, an investment firm linked to the billionaire businessman.

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The notice stated that Otedola purchased 369,986,122 units of First HoldCo shares at N40.06 per share on December 18, an acquisition that raised his stake in the company to over 18 percent.

The latest acquisition adds to Otedola’s growing investment in the company. Earlier, on September 25, 2025, he bought 64.87 million shares valued at N2.01 billion, further strengthening his position.

Otedola’s stake rises

At the time, First Bank of Nigeria Holdings had announced that the chairman acquired 39.3 million shares directly on September 23, worth about N1.2 billion. On the same day, he also purchased an additional 25.6 million shares indirectly, valued at N793.6 million, through Calvados Global Services Limited.

Following those transactions, Otedola’s stake in First HoldCo rose to 16.1%, up from the 13.15% recorded in September 2024. The latest purchase now lifts his ownership to above 18%, reinforcing his status as a major shareholder in the company.

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First HoldCo divests from merchant bank

Legit.ng earlier reported that First HoldCo Plc completed the sale of FBNQuest Merchant Bank Limited to EverQuest Group in a strategic restructuring exercise.

The parent company of First Bank of Nigeria said the divestment of its merchant banking subsidiary is part of a strategic plan to optimise capital allocation, improve capital efficiency and support growth in its core commercial banking operations.

The company said the funds from the sale will boost FirstBank's capital base and allow it focus on core commercial banking and maintaining essential financial service subsidiaries.

Speaking on the change, Femi Otedola, Chairman of First HoldCo Plc, explained the transaction as another step in achieving the future strategy of improving performance and creating additional value for shareholders and other stakeholders.

Femi Otedola’s net worth rises

Legit.ng reported that Mr Otedola’s wealth has increased, as he continues to climb the global billionaires’ list.

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New data from Forbes showed that his net worth had increased to $1.6 billion.

This represented a $100 million increase in one month, compared to $1.5 billion previously.

Source: Legit.ng