Chairman of First HoldCo Plc, Femi Otedola, has strengthened his position in the financial services group after acquiring additional shares worth N43.4 billion in a fresh investment move on the Nigerian Exchange.
According to a regulatory filing released on Wednesday, Otedola purchased 549.5 million shares at N79 per unit through Calvados Global Services Limited, a special purpose investment vehicle linked to him.
The latest acquisition further increases his dominance in First HoldCo, the parent company of First Bank of Nigeria, one of the country’s oldest financial institutions.
Before the new transaction, Otedola already held a significant stake in the group through both direct ownership and Calvados Global Services. His combined holding stood at about 18.1 per cent as of December 2025. The new purchase raises his total stake to approximately 19.4 per cent, equivalent to 8.6 billion shares.
This is not his first major investment in the company. In December 2025, he acquired 370 million shares valued at about N14.8 billion, and earlier in September 2025, he bought additional shares worth over N2 billion through both direct and indirect channels.
Otedola’s continued accumulation of shares comes after the exit of some of the group’s former major shareholders, including Oba Otudeko and Oye Hassan-Odukale, who sold off substantial stakes in a large off-market transaction last year.
Since becoming chairman of First HoldCo in January 2024, Otedola has steadily increased his influence in the group while repositioning himself as a key player in Nigeria’s financial sector.
Before his full transition into banking and power investments, the billionaire businessman built a fortune in the energy sector, previously controlling Forte Oil (now Ardova Plc) and later expanding into electricity generation through Geregu Power Plc.
His latest share purchase reinforces market confidence in First HoldCo and signals a long-term commitment to deepening his investment in the banking group.
