Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial holding company to 21.95% after a related entity acquired 706.13 million ordinary shares valued at approximately N77.6 billion.
Calvados Global Services Limited, a company linked to Otedola, purchased 706,131,179 ordinary shares at N109.88 per share, representing one of the largest insider share acquisitions on the NGX this year.
Following the purchase, Otedola’s combined direct and indirect holdings in First HoldCo increased to 9,277,792,037 shares, equivalent to 21.95% of the company’s issued share capital.
The acquisition comes as investor confidence in First HoldCo continues to strengthen. On the same day, the lender became the first Nigerian banking stock to exceed a N5 trillion market capitalisation, reflecting strong market sentiment driven by record earnings and improving fundamentals.
For the six months ended June 30, 2026, First HoldCo reported a pre-tax profit of N653.54 billion, an 83.5% increase from N356.15 billion recorded in the corresponding period of 2025. The group also posted interest income of N1.40 trillion, net interest income of N879.13 billion, and net fee and commission income of N178.51 billion, supported by stronger asset quality, capital adequacy and operating efficiency.
Before the latest transaction, First HoldCo’s June 30 shareholding register showed Otedola owned 3.25 billion shares directly and 6.03 billion shares indirectly, representing a combined 20.4% stake. The additional acquisition raises his ownership to 21.95%, further consolidating his position as the company’s largest shareholder.
The purchase underscores Otedola’s continued commitment to First HoldCo as the group seeks to build on its record financial performance and sustain its leadership position in Nigeria’s banking sector.
