Chairman of First HoldCo Plc, Femi Otedola, has acquired additional shares in the company valued at about N43.41 billion, further increasing his influence in the financial institution.
The acquisition was executed on the Nigerian Exchange Limited on May 13, 2026, according to a regulatory filing signed by the group company secretary, Abiola Baruwa.
The transaction involved the purchase of 549,535,653 shares at an average price of N79 per share.
Following the latest deal, Otedola’s total stake in First HoldCo increased from 8,055,314,486 shares, as contained in the company’s 2025 audited financial statement, to 8,604,850,139 shares.
The latest acquisition marks Otedola’s biggest single share purchase since he became chairman of the company in January 2024.
The billionaire businessman had earlier increased his holdings in the group on September 25, 2025, after purchasing 64.87 million shares valued at about N2.01 billion.
According to previous disclosures, 39.3 million shares worth approximately N1.2 billion were acquired directly on September 23, 2025, while another 25.6 million shares valued at N793.6 million were purchased indirectly through Calvados Global Services Limited.
Those transactions raised his stake to 16.1 per cent from the 13.15 per cent shareholding recorded in September 2024.
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With the latest purchase, Otedola’s stake in First HoldCo has reportedly risen to about 19.36 per cent.
The acquisition came days after First HoldCo announced a 72 per cent rise in profit before tax for the first quarter of 2026, posting N321 billion and emerging second behind Zenith Bank Plc among Nigeria’s tier-one banks in profitability.
The company’s stock has also gained more than 57 per cent year-to-date, while trading volume exceeded 563 million shares by mid-session on Tuesday.
Meanwhile, the Nigerian Exchange also recorded several insider transactions involving banking stocks during the week.
At Access Holdings Plc, officials including Richard Amafonye, Okey Nwuke and Gbenga Babatunde reportedly conducted share purchases valued at over N200 million involving 5 million, 2 million and 1.6 million units respectively.
Similarly, insider dealings were reported at United Bank for Africa Plc involving Workfield Foundation, which is linked to the Group Company Secretary. The transaction involved the acquisition of 252,981 shares on Tuesday.
Under NGX regulations, an insider is defined as any person with access to confidential price-sensitive information through their position as a director, employee, shareholder, or professional connected to a listed company.