Femi Otedola has strengthened his grip on First HoldCo Plc after acquiring an additional 549,535,653 shares in the financial services group in a deal valued at approximately N43.41 billion.
The acquisition, executed on the Nigerian Exchange on May 13, 2026, was completed at an average share price of N79, according to market trading data.
Following the latest purchase, Otedola’s total shareholding in First HoldCo rose from 8,055,314,486 shares disclosed in the group’s FY 2025 audited financial statements to 8,604,850,139 shares.
Based on the company’s estimated outstanding shares of about 44.45 billion units, the new holding gives Otedola an ownership stake of approximately 19.4% in First HoldCo, further cementing his position as the institution’s dominant shareholder.
The acquisition comes amid rising investor confidence in the banking group and ongoing recapitalisation efforts across Nigeria’s banking industry driven by new regulatory capital requirements from the Central Bank of Nigeria.
Investor activity around the stock surged sharply following news of the deal, with trading volume crossing 563 million shares during Wednesday’s trading session. The rally also pushed the company’s year-to-date gain above 57%.
Femi Otedola, chairman of First HoldCo, has steadily increased his investment in the group over the past two years as part of a broader strategic positioning within Nigeria’s financial sector.
