Chairman of First HoldCo Plc, Femi Otedola, has strengthened his investment in the financial services group after a company linked to him acquired 706.13 million ordinary shares valued at approximately ₦77.59 billion on the Nigerian Exchange (NGX).
According to a regulatory filing dated July 22, 2026, Calvados Global Services Limited, a company associated with the billionaire businessman, purchased 706,131,179 shares at ₦109.88 per share, bringing the total transaction value to ₦77,589,693,948.52.
The latest acquisition further underscores Otedola’s growing commitment to First HoldCo, where he has served as chairman since October 2024.
The purchase follows a series of significant investments in the company. In May 2025, Otedola acquired 549,535,653 shares worth about ₦43.41 billion at an average price of ₦79 per share, according to a filing signed by the Group Company Secretary, Abiola Baruwa. He also increased his holdings in September 2025 with the purchase of 39,313,379 shares valued at approximately ₦1.21 billion.
Beyond the banking sector, Otedola announced in May 2026 that he intended to channel proceeds from the sale of his $100 million stake in Geregu Power into the Dangote Refinery.
In March 2026, Forbes ranked Otedola among Africa’s billionaires, while noting that he incurred an estimated $200 million loss following the sale of a majority stake in Geregu Power Plc at a discount to its market price.
The Forbes list also featured other prominent Nigerian business leaders, including Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga.
Otedola Increases First HoldCo Stake with ₦77.6bn Share Purchase
