Otedola Deepens Investment In First Holdco, Acquires Additional 1.779bn

The chairman of First HoldCo Plc, Femi Otedola, has deepened his investment in the financial holding company after acquiring an additional 1.779 billion ordinary shares worth approximately N222.2 billion.

According to Nairametrics, the acquisition, disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX), raises Otedola’s total beneficial shareholding to 11.76 billion shares, representing 25.87 per cent of the company’s issued share capital.

“At the purchase price of N124.90 per share, his stake is now valued at approximately N1.47 trillion, making it one of the largest financial services-related individual shareholdings on the Nigerian Exchange.”

The latest purchase comes barely a week after a related entity, Calvados Global Services Limited, acquired 706.13 million shares worth N77.59 billion.

Combined, the two transactions represent fresh investments of nearly N300 billion in First HoldCo within just over a week, underscoring Otedola’s aggressive accumulation of shares amid the company’s record financial performance.

According to the filing, following the latest transaction Otedola’s total beneficial interest in the company has increased to 11.763 billion ordinary shares.

The acquisition also comes as First HoldCo’s share price continues its remarkable rally, with the stock gaining more than 120 per cent over the past month, making it one of the NGX’s best-performing large-cap stocks.

The bank recently became the first Nigerian banking stock to surpass a N5 trillion market capitalisation during intraday trading.

Nairametrics stated that First HoldCo has also bucked the broader sector trend. While most Nigerian banks trade below book value, First HoldCo shares are now trading at about 1.7 times book value on an annualised ROAE of roughly 30 per cent, bringing its valuation closer to those of leading pan-African banking peers.

The share purchases follow First HoldCo’s strongest financial performance in its history.

For the six months ended June 30, 2026, the Group reported a record pre-tax profit of N653.54 billion, representing an 83.5 per cent year-on-year increase from N356.15 billion in H1 2025.

The Group generated N1.40 trillion in interest income, N879.13 billion in net interest income and N178.51 billion in net fee and commission income, while strengthening asset quality, capital adequacy and operating efficiency.

The Bank also stated it expects profit before tax to exceed N1.2 trillion ($876 million) for the full year 2026, as its recapitalisation drive and clean-up of legacy bad loans begin to pay off.

The latest acquisition has further cemented Otedola as First HoldCo’s largest shareholder and moved him significantly closer to owning more than one-quarter of Nigeria’s oldest banking group.