Femi Otedola, chairman of First HoldCo Plc, has further increased his stake in the financial services group after acquiring 95.7 million additional shares valued at N12.58 billion.
The transaction, disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX) on Monday, was executed through Calvados Global Services Limited, Otedola’s investment vehicle.
The filing, signed by First HoldCo Group Company Secretary, Abiola Baruwa, showed that Calvados Global Services acquired 95,699,240 ordinary shares at N131.48 per share on August 24, 2026.
The latest purchase takes Otedola’s total shareholding in First HoldCo from approximately 12.05 billion shares to 12.15 billion shares, increasing his ownership of the company to about 26.6 per cent.
Otedola remains the group’s largest shareholder.
The acquisition comes amid strong investor interest in First HoldCo, whose shares have been among the best-performing banking stocks on the NGX this year.
First HoldCo closed trading on Monday at N127.90 per share, representing a 162.09 per cent gain year-to-date.
At Monday’s closing price, Otedola’s total stake in the company is estimated to be worth approximately N1.56 trillion.
The latest acquisition extends a series of major share purchases by Otedola in recent months.
Last week, he acquired an additional 147.74 million First HoldCo shares valued at N20.68 billion.
That purchase followed another acquisition of 138.04 million shares worth N18.11 billion earlier in August.
In July, Otedola made two significantly larger purchases, acquiring 1.779 billion shares valued at about N222.2 billion and a further 706.13 million shares worth approximately N77.6 billion.
The repeated acquisitions highlight Otedola’s continued effort to increase his influence over the financial services group.
The latest investment comes weeks after Otedola disclosed plans to increase his ownership of First HoldCo to more than 51 per cent.
The billionaire investor said majority ownership would give him greater flexibility to implement reforms, execute restructuring initiatives and create long-term value for shareholders.
His strategy is consistent with previous investments in companies including Forte Oil Plc and Geregu Power Plc.
At Forte Oil, formerly African Petroleum Plc, Otedola increased his stake from 28 per cent to 75 per cent before exiting the company in 2019.
At Geregu Power, he raised his ownership from 51 per cent to 95 per cent before reducing it to 77 per cent following the company’s listing on the NGX in 2022.
First HoldCo has remained one of the standout performers on the Nigerian stock market in 2026, with its share price supported by renewed investor confidence and expectations surrounding the group’s transformation strategy.
Otedola’s latest N12.58 billion purchase further signals that his ambition for First HoldCo extends well beyond a minority investment, with the billionaire steadily moving towards his stated goal of majority control.
