Femi Otedola, chairman of First HoldCo Plc, has raised his stake in the financial services group to 25.88 per cent after acquiring an additional 1.77 billion shares valued at N222.20 billion through his investment vehicle, Calvados Global Services Limited.
The transaction, completed on Thursday, July 30, 2026, increased Otedola’s holdings from 9.99 billion shares to 11.77 billion shares, according to a share dealing disclosure filed with the Nigerian Exchange Limited (NGX).
The latest purchase is Otedola’s second major First HoldCo investment in July. On July 22, 2026, he acquired 706.13 million shares worth N77.58 billion, further expanding his position in the company.
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The two acquisitions have pushed the value of his First HoldCo investment to about N1.47 trillion, making him the company’s largest individual shareholder.
Otedola’s latest move places him closer to the 30 per cent ownership threshold that requires a mandatory takeover offer under the Investments and Securities Act and Securities and Exchange Commission (SEC) regulations.
The acquisition comes as First HoldCo continues to gain momentum on the Nigerian Exchange, recently overtaking Zenith Bank Plc to become the country’s most valuable listed banking institution by market capitalization.
First HoldCo, the parent company of First Bank of Nigeria Limited, remains one of Nigeria’s largest financial groups, with investors closely tracking its valuation and ownership developments.