Otedola Boosts First HoldCo Stake with ₦77.6bn Share Purchase

Chairman of First HoldCo Plc, Femi Otedola, has increased his investment in the financial services group after a company linked to him acquired shares worth ₦77.6 billion in a single transaction on the Nigerian Exchange (NGX).

According to a share dealing notification dated July 22, 2026, Calvados Global Services Limited, a company associated with the billionaire businessman, purchased 706,131,179 ordinary shares of First HoldCo Plc at ₦109.88 per share, amounting to ₦77,589,693,948.52.

The latest acquisition further consolidates Otedola’s position in the company and comes less than three months after he increased his holdings through the purchase of shares valued at about ₦43.41 billion.

That transaction, disclosed in a regulatory filing with the Nigerian Exchange Limited and signed by the company’s Secretary, Abiola Baruwa, involved the acquisition of 549,535,653 shares at an average price of ₦79 per share.

Otedola had also expanded his stake in September 2025 by acquiring 39,313,379 shares worth approximately ₦1.21 billion.

The billionaire investor became Chairman of First HoldCo Plc in October 2024 and has continued to strengthen his influence in the financial institution through strategic share acquisitions.

Beyond the banking sector, Otedola has also expanded his investments in Nigeria’s energy industry. In May 2026, he announced plans to channel his $100 million stake in Geregu Power Plc into the Dangote Refinery project.

Earlier this year, Forbes listed Otedola among Africa’s billionaires, although the publication estimated that he incurred a paper loss of about $200 million following the sale of a majority stake in Geregu Power Plc at a discount to its market value.

He joins other Nigerian business leaders on the Forbes Africa billionaires list, including Aliko Dangote, Abdulsamad Rabiu and Mike Adenuga.