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

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% 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 (~$1 billion), 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 N77.6 billion, underscoring Otedola’s aggressive accumulation of First HoldCo stock amid the company’s record financial performance.

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

The bank’s rapid re-rating has also reignited debate over the valuation of Nigerian banking stocks. Despite delivering returns on average equity (ROAE) that compare favourably with many leading African lenders, most Nigerian banks continue to trade below their book value.

First HoldCo has bucked that trend, with its shares now trading at about 1.7 times book value on an annualised ROAE of roughly 30%, bringing its valuation closer to those of leading pan-African banking peers.

What the filing is saying

A regulatory filing submitted to the Nigerian Exchange shows that Femi Otedola acquired 1,779,094,976 ordinary shares of First HoldCo at N124.90 per share, valuing the transaction at approximately N222.2 billion.

  • Following the transaction, Otedola’s total beneficial interest in the company has increased to 11,763,018,192 ordinary shares, representing 25.87% of the company’s issued share capital.
  • The latest acquisition follows last week’s insider transaction involving Calvados Global Services Limited, a company related to Otedola, which acquired 706.13 million shares worth N77.59 billion.
  • Combined, the two acquisitions represent fresh investments of nearly N300 billion in First HoldCo within just over a week, further reinforcing Otedola’s conviction in the bank’s long-term prospects.
  • Based on the company’s closing share price of N124.90, his 11.76 billion-share holding is now worth approximately N1.47 trillion or $1 billion, reflecting both his continued accumulation of shares and the sharp appreciation in the stock over the past month.

More insights

The latest acquisition has also significantly increased the market value of Otedola’s investment in First HoldCo, and is expected to intensify speculation over Otedola’s long-term ambitions for First HoldCo.

  • With a 25.87% stake, he has further cemented his position as the company’s largest shareholder and moved significantly closer to owning more than one-quarter of Nigeria’s oldest banking group.
  • Sources familiar with previous transactions had told Nairametrics that Otedola could ultimately be targeting a 51% controlling stake.
  • Nairametrics has not independently verified the claim, and neither Otedola nor First HoldCo has publicly commented on any such intention.
  • If such a stake were eventually achieved, it would give Otedola more control of one of Nigeria’s largest financial institutions.
  • The latest purchase also reflects a familiar investment approach. Otedola has historically built significant ownership positions in companies where he has exercised strategic influence.
  • Before gradually reducing his holdings in Geregu Power Plc, he owned approximately 78% of the power generation company.
  • Unlike many listed companies with concentrated ownership structures, First HoldCo still maintains a relatively broad shareholder base, allowing substantial room for further share accumulation through market purchases, subject to regulatory requirements.

What you should know

The latest insider purchase comes shortly after First HoldCo delivered the 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% year-on-year increase from N356.15 billion recorded in the corresponding period of 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 continuing to strengthen asset quality, capital adequacy and operating efficiency.
  • Investor confidence has surged alongside the improved fundamentals.
  • The bank also stated that it expects profit before tax to exceed N1.2 trillion ($876 million) for the full year 2026, as its recapitalisation drive and a clean-up of legacy bad loans begin to pay off.
  • First HoldCo recently became the first Nigerian banking stock to surpass a N5 trillion market capitalisation milestone during intraday trading, and its share price has risen by more than 120% in the past month, making it one of the standout performers on the Nigerian Exchange.