Nigerian billionaire Femi Otedola has deepened his dominance over First HoldCo Plc, executing an additional N18.11 billion share purchase to consolidate his status as the financial group’s single largest individual investor.
Details of the massive equity injection were confirmed in an official regulatory filing published by the Nigerian Exchange Limited (NGX) on Thursday, August 6, 2026.
Executing the buy order through his investment firm, Calvados Global Services Limited, Otedola snapped up 138,041,465 ordinary units at N131.20 per share.
The transaction expands his total beneficial interest to over 26% of First HoldCo’s issued capital, moving him closer to the 30 percent mandatory takeover offer threshold.
This latest acquisition comes immediately on the heels of two massive July tranches, where Otedola poured more than N299 billion into acquiring roughly 2.48 billion group shares.
His continuous capital deployment aligns with his stated strategy of targeting majority control, defined as holding over 51% equity in strategic, long-term corporate assets.
Market confidence fueled by Otedola’s relentless buying spree pushed First HoldCo’s equity to an all-time high of N150 per share during intraday trading on Friday.
The rally propelled the institution to make history as the first banking group on the Nigerian Exchange to cross the N6 trillion market capitalization landmark.
Investor sentiment remains bolstered by strong macroeconomic fundamentals, as First HoldCo reported a stellar 83.5% year-on-year surge in pre-tax profit to N653.54 billion for H1 2026.
