Otedola Raises First HoldCo Stake With 706m-Share Acquisition Worth ₦77.6bn

Chairman of First HoldCo Plc, Femi Otedola, has further strengthened his position in the financial services group following the acquisition of additional shares valued at approximately ₦77.6 billion through his investment vehicle, Calvados Global Services Limited.

The latest transaction, disclosed in a regulatory filing by First HoldCo, involved the purchase of 706,131,179 ordinary shares in the company at ₦109.88 per share.

The transaction was executed on the trading floor of the Nigerian Exchange Limited (NGX) in Lagos on Wednesday, July 22, 2026.

The regulatory notification identified Calvados Global Services Limited as a company related to Otedola, who is the chairman of First HoldCo and a significant shareholder in the financial group. The disclosure was classified as an initial notification of insider dealing.

The fresh acquisition further increases Otedola's equity position in First HoldCo and reinforces his standing as the company's largest shareholder.

The investment also comes at a significant point in the group's corporate and financial trajectory, as First HoldCo continues to pursue its recapitalisation programme while recording improved financial performance.

The latest share purchase follows heightened investor interest in the company, whose stock has reportedly appreciated by about 120 per cent since the beginning of 2026.

The strong performance of the shares has been linked to improving earnings, renewed investor confidence and expectations surrounding the group's ongoing capital-raising plans.

The latest investment came just a day after First HoldCo became the first Nigerian banking stock to surpass a market capitalisation of ₦5 trillion during intraday trading on the Nigerian Exchange.

The milestone underscored the growing market valuation of the financial services group and reflected sustained demand for its shares among investors.

The company's strong market performance has also coincided with a significant improvement in its financial results.

According to First HoldCo's half-year financial results for the period ended June 30, 2026, the group recorded a profit before tax of ₦653.54 billion, representing an 83.5 per cent increase compared with the ₦356.15 billion reported in the corresponding period of 2025.

The group's performance in the second quarter also remained positive, with profit before tax rising to ₦332.42 billion.

That figure represented a 3.5 per cent increase from the estimated ₦321.12 billion recorded in the first quarter of 2026 and a 95.9 per cent increase compared with the ₦169.67 billion reported in the second quarter of 2025.

The company attributed the stronger earnings performance to a combination of factors, including improved operating efficiency, better asset quality, sustained growth in transaction banking and increased contributions from its non-interest income businesses.

The results have strengthened expectations that First HoldCo may be entering a new phase of earnings growth following several years of restructuring and strategic repositioning.

For investors, the latest acquisition by Otedola adds another significant development to the financial group's ongoing recapitalisation and expansion story.

The purchase of more than 706 million shares in a single transaction also signals continued confidence by the company's chairman in the long-term prospects of the group, particularly against the backdrop of its improving financial performance and rising market valuation.

The transaction details contained in the insider dealing notification showed that Calvados Global Services Limited acquired the 706,131,179 ordinary shares at ₦109.88 per share on July 22, 2026.

The acquisition, valued at approximately ₦77.6 billion, was executed through the Nigerian Exchange Limited in Lagos.

The latest purchase further consolidates Otedola's position within First HoldCo at a time when the group is navigating its recapitalisation programme and seeking to build on the improved performance recorded in the first half of the year.