Otedola Increases Stake in First Bank as Nigerian Exchange Reaches N90trn

• The NGX rebounded on Monday, reclaiming the N90 trillion milestone as industrial goods and banking stocks drove gains
• Thomas Wyatt Plc, SFS REIT, LivingTrust Mortgage Bank Plc, Eterna Plc and Caverton Offshore Support Group Plc led the gainers’ table
• Billionaire Femi Otedola increased his stake in FirstHoldCo with fresh acquisitions worth about N2 billion

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian Exchange (NGX) rebounded regaining the N90 trillion after trading on Monday, September 29.

The market gained 0.17% on renewed buying pressure in the industrial goods (+1.59%) and banking (+0.47%) sectors.

However, the insurance (-3.43%), consumer goods (-0.58%), and energy (-0.51%) counters declined, while the commodities sector closed flat.

Market activity

At the close of business, the All-Share Index (ASI) rose by 244.54 points to 142,377.56 points from 142,133.02 points.

While market capitalisation increased by N155 billion to N90.115 trillion, compared to the previous session’s N89.960 trillion.

Investors exchanged 384.0 million shares worth N11.6 billion in 28,114 deals, compared to 518.7 million shares valued at N18.1 billion in 22,350 deals last Friday.

This represents a decline of 25.97% in volume and 35.36% in value, but a 25.79% increase in the number of deals.

Top 5 gainers

• Thomas Wyatt Plc rose by N0.33, from N3.30 to N3.63 per share (+10.00%).
• SFS REIT advanced by N31.50, from N315.05 to N346.55 per share (+10.00%).
• LivingTrust Mortgage Bank Plc gained N0.51, from N5.15 to N5.66 per share (+9.90%).
• Eterna Plc increased by N2.75, from N27.90 to N30.65 per share (+9.86%).
• Caverton Offshore Support Group Plc appreciated by N0.58, from N6.25 to N6.83 per share (+9.28%).

Top 5 decliners

• AXA Mansard Insurance Plc fell by N1.60, from N16.00 to N14.40 per share (-10.00%).
• University Press Plc dropped by N0.59, from N5.99 to N5.40 per share (-9.85%).
• Learn Africa Plc lost N0.70, from N7.20 to N6.50 per share (-9.72%).
• Julius Berger Plc shed N13.00, from N149.50 to N136.50 per share (-8.70%).
• Cornerstone Insurance Plc declined by N0.47, from N6.33 to N5.86 per share (-7.42%).

Top 5 trades by Volume

• FirstHoldCo Plc: 47.5 million shares worth N1.47 billion.
• Ellah Lakes Plc: 24.5 million shares worth N290.9 million.
• Veritas Kapital Assurance Plc: 21.9 million shares worth N44.7 million.
• Zenith Bank Plc: 18.7 million shares worth N1.31 billion.
• Chams Plc: 16.2 million shares worth N56.6 million.

Otedola raises First Bank stake

Nigeria’s billionaire businessman Femi Otedola has increased his stake in FirstHoldCo, the parent company of First Bank of Nigeria Limited, with fresh acquisitions worth about N2 billion.

According to NGX filings, Otedola on September 23 purchased 39,313,379 shares at N31 per share, valued at N1.21 billion.

On the same day, Calvados Global Services Limited, a company related to him, acquired 25,565,289 shares at N31 per share, worth N792.5 million.

Following the deals, Otedola’s direct shareholding now stands at 3.25 billion units (7.77%), while his indirect holdings amount to 3.49 billion units (8.34%). At the current price of N31 per share, his 6.74 billion shares are valued at N209 billion.

FirstHoldCo shares have traded between a 52-week high of N37.50.

Tony Elumelu makes big move, buys more UBA shares

Earlier, Lgit.ng reported that the chairman of United Bank for Africa (UBA), Tony Elumelu, has purchased more than 45 million shares in the company.

The transaction was disclosed by the group's company secretary, Bili Odum, in a regulatory filing on the NGX.

According to Odum, 45,034,044 shares were purchased on May 23, 2025, at N34.3 apiece, for a total transaction value of roughly N1.53 billion.

Source: Legit.ng