Femi Otedola Acquires Additional ₦222.2 Billion Worth of First HoldCo Shares, Raises Stake to 25.87%

Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has increased his investment in the financial holding company with another massive share purchase.

According to a regulatory filing on the Nigerian Exchange (NGX), Otedola acquired an additional 1.779 billion ordinary shares at ₦124.90 per share, valued at approximately ₦222.2 billion.

The latest acquisition raises his total beneficial shareholding to 11.76 billion shares, representing 25.87% of First HoldCo’s issued share capital.

Based on current market valuation, Otedola’s stake is now worth about ₦1.47 trillion (approximately $1 billion), making it one of the largest individual shareholdings in Nigeria’s banking sector.

The purchase comes just days after his related company, Calvados Global Services Limited, acquired 706.13 million shares worth ₦77.6 billion. Combined, the two transactions represent nearly ₦300 billion invested in First HoldCo within a little over a week.

The aggressive accumulation signals Otedola’s strong confidence in the company’s future, following its strong financial performance and growing market position.

Naira Diary Takeaway: When a company’s chairman continues to invest hundreds of billions of naira into the business, investors pay attention. Otedola isn’t just holding his position—he’s significantly increasing his bet on one of Nigeria’s oldest and most influential financial institutions.