Mr Olufemi Otedola, First HoldCo Plc Chairman, has deepened his investment in the financial services group after acquiring additional shares worth about N43.41 billion on the Nigerian Exchange.
The transaction, executed on May 13, 2026, involved the purchase of 549,535,653 shares at an average price of N79 per unit.
Following the deal, Otedola’s shareholding in First HoldCo rose from 8,055,314,486 units to 8,604,850,139 units, increasing his stake from 18.12 per cent to 19.35 per cent of the company’s 44.45 billion outstanding shares.
He now ranks as the second-largest shareholder in the group, behind RC Investment Management Ltd, which holds a 23.47 per cent stake.
Market data showed heightened investor activity following the transaction, with trading volume crossing 575 million shares on the day, one of the highest levels recorded in 2026. The stock has also extended its year-to-date gain to over 57 per cent, reflecting sustained bullish sentiment.
The acquisition comes as First HoldCo prepares for a major capital raise, having announced plans to seek shareholder approval for a N253 billion equity programme at its Annual General Meeting scheduled for May 29, 2026.
The proposed capital raising exercise is expected to support the group’s ambition of building a N1 trillion capital base and may be executed through a mix of public offers, rights issues, private placements, bonus issues or scrip dividends.
The development follows a strong financial performance in the first quarter of 2026, where pre-tax profit rose by 72.2 per cent to N321.1 billion, up from N186.4 billion in the same period of 2025.
Growth was driven by improved interest income and non-interest revenue. Interest earnings rose to N704.4 billion, supported by loans and advances to customers (N465.5 billion), investment securities (N192.9 billion), and interbank lending activities (N45.9 billion).
Non-interest income also strengthened, with net fees and commissions increasing to N78.9 billion from N64.1 billion, contributing to an operating profit of N320 billion for the period.
On the balance sheet, total equity climbed to N3.4 trillion from N3.3 trillion, while retained earnings rose significantly to N667.9 billion from N401.7 billion, signaling stronger capacity for future dividend payouts.
The latest acquisition represents the largest single block trade in First HoldCo’s stock so far in 2026. Year-to-date trading volume has now exceeded 2.4 billion shares, underscoring sustained investor interest in one of Nigeria’s largest listed financial institutions, which currently commands a market capitalisation above N3 trillion.
