Otedola Stakes N43bn in FBN Holdings To Increase Shareholding

Chairman of First HoldCo Plc, Olufemi Otedola, has increased his stake in the financial services group following a fresh acquisition of shares valued at about N43.41 billion as he bought 549,535,653 ordinary shares at an average price of N79 per share, through his company Calvados Global Services Limited.

The latest acquisition on the Nigerian Exchange (NGX) on Wednesday, May 13, 2026, follows the purchase of 2,558,259 shares at N69.56 per share totalling N177.95 million by an executive director of the holding company, Anil Dua.
With the transaction, Otedola’s shareholding in First HoldCo rose to 8.60 billion shares, representing a 19.35 per cent stake, from 8.05 billion shares or 18.12 per cent recorded in the group’s 2025 audited financial statement.
Data from the NGX showed that the billionaire investor now remains the second largest shareholder in the group behind RC Investment Management Ltd, which holds 10.43 billion shares, representing 23.47 per cent equity stake.

The renewed investor interest in the stock also triggered heavy trading activity as volume traded crossed 575 million shares at the close of trading on Wednesday, the highest recorded by the company in 2026. The development further extended the stock’s rally, with its year to date return rising above 57 per cent.

The acquisition comes ahead of the company’s Annual General Meeting scheduled for May 29, 2026, where shareholders are expected to consider a proposal to raise N253 billion as part of plans to strengthen the group’s capital base.

First HoldCo had disclosed that the proposed capital raise would be executed through various channels including public offer, private placement, rights issue, share issuance, bonus issue or scrip dividend as it targets a N1 trillion capital base, including share premium.

The group’s strong first quarter performance for the 2026 financial year also appeared to support investor confidence in the stock. Its unaudited result showed that profit before tax rose by 72.2 per cent to N321.1 billion in the first quarter of 2026 from N186.4 billion recorded in the corresponding period of 2025.

Interest income increased to N704.4 billion from N625.2 billion, driven largely by earnings from loans and advances to customers, investment securities, as well as loans granted to banks. Similarly, net fees and commission income rose to N78.9 billion from N64.1 billion, helping to lift operating profit to N320 billion from N186.6 billion in the comparable period of 2025.

The group’s balance sheet also remained strong, with total equity rising to N3.4 trillion from N3.3 trillion, while retained earnings climbed to N667.9 billion from N401.7 billion at the end of the 2025 financial year.