Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has significantly increased his investment in Nigeria’s oldest financial holding company after acquiring an additional 1.779 billion ordinary shares valued at approximately N222.2 billion, further strengthening his position as the company’s largest shareholder.

The acquisition, disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX) on Thursday, increases Otedola’s total beneficial shareholding to 11.763 billion ordinary shares, representing 25.87 per cent of First HoldCo’s issued share capital.

At the transaction price of N124.90 per share, Otedola’s stake is now valued at approximately N1.47 trillion, equivalent to about $1 billion, making it one of the largest individual equity holdings in Nigeria’s financial services sector.

The latest purchase comes barely a week after Calvados Global Services Limited, a company linked to Otedola, acquired 706.13 million shares worth about N77.6 billion. Combined, the two transactions represent fresh investments of nearly N300 billion in First HoldCo within just over one week.

The aggressive share accumulation has reinforced investor confidence in the banking group, whose stock has emerged as one of the Nigerian Exchange’s best-performing large-cap equities after gaining more than 120 per cent over the past month.

Capital market analysts say the sustained buying by Otedola signals strong confidence in the lender’s long-term growth prospects and is likely to bolster market sentiment around the bank.