OTEDOLA BOOSTS FIRST HOLDCO CONTROL WITH N12.58BN STAKE

Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has further increased his stake in the financial services group after acquiring shares worth ₦12.58bn.

The transaction was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited and signed by the Group Company Secretary, Abiola Baruwa.

According to the filing, Otedola made the acquisition through his investment vehicle, Calvados Global Services Limited, which purchased 95.7 million ordinary shares of First HoldCo at ₦131.48 per share.

The latest purchase takes Otedola’s total equity holding in First HoldCo to approximately 27.70 per cent, further strengthening his position as the company’s largest shareholder.

The transaction is part of a sustained share accumulation by Otedola, who has made several major purchases in First HoldCo in recent months.

His increased stake comes as First HoldCo continues its recapitalisation programme and seeks to strengthen its financial position amid broader reforms in Nigeria’s banking sector.

Otedola’s growing ownership has also attracted significant market attention, particularly because First HoldCo is the parent company of FirstBank, one of Nigeria’s largest and oldest financial institutions.

The latest acquisition reinforces the chairman’s long-term interest in the group and increases his influence over its strategic direction.

The regulatory filing described the transaction as an initial notification of insider share dealing, in line with capital market disclosure requirements.

Otedola has continued to increase his exposure to First HoldCo despite the expansion of the company’s share capital through its recapitalisation efforts.

The development highlights the growing importance of major shareholders and institutional investors in Nigeria’s banking sector as financial institutions raise fresh capital to meet regulatory requirements and strengthen their balance sheets.

With the latest purchase, Otedola's position in First HoldCo has moved closer to his reported long-term ambition of securing majority control of the financial services group.