N43bn Deal Lifts Otedola’s First HoldCo Stake To 19.35%

BY BUKOLA ARO-LAMBO and OLUSHOLA BELLO, Lagos

Chairman of First HoldCo Plc, Olufemi Otedola, has further strengthened his position in the financial services group following a fresh share acquisition worth about N43.41 billion.

The billionaire investor, through his company Calvados Global Services Limited, purchased 549,535,653 ordinary shares at an average price of N79 per share on the Nigerian Exchange (NGX) on Wednesday, May 13, 2026.

The latest transaction increases Otedola’s shareholding in the group to 8.60 billion shares, representing a 19.35 per cent equity stake, up from 8.05 billion shares or 18.12 per cent previously recorded in the company’s 2025 audited financial statements.

Market data showed that he remains the second-largest shareholder in First HoldCo Plc, behind RC Investment Management Ltd, which holds 10.43 billion shares, representing a 23.47 per cent stake.

The fresh accumulation also triggered heightened trading activity on the NGX, with total volume traded crossing 575 million shares at the close, its highest level in 2026. The development extended the company’s bullish run, pushing its year-to-date return above 57 per cent.

The acquisition comes ahead of the group’s Annual General Meeting scheduled for May 29, 2026, where shareholders are expected to deliberate on a proposed N253 billion capital raise aimed at strengthening its capital base.

The proposed fundraising is expected to be executed through multiple channels, including a public offer, a rights issue, a private placement, a share issuance, a bonus issue, or a scrip dividend, as the group targets a N1 trillion capital base, including share premium.

Investor sentiment around the stock has also been buoyed by a strong first-quarter performance for 2026. Unaudited results showed profit before tax rising by 72.2 per cent to N321.1 billion, compared to N186.4 billion in the corresponding period of 2025.

Interest income grew to N704.4 billion, driven by earnings from loans and advances, investment securities, and interbank lending activities. Net fees and commission income also rose to N78.9 billion, contributing to a stronger operating profit of N320 billion.

The group’s balance sheet remained solid, with total equity increasing to N3.4 trillion from N3.3 trillion, while retained earnings rose significantly to N667.9 billion from N401.7 billion recorded at the end of the 2025 financial year.

The latest investment underscores continued confidence in First HoldCo Plc as it pursues aggressive growth and recapitalisation plans in Nigeria’s financial services sector.