…cementing dominant position

Femi Otedola, billionaire investor and chairman of First HoldCo Plc, has further cemented his dominance in the financial institution, continuing a strategic accumulation of shares that underscores his long-term confidence in Nigeria’s banking sector.

The latest transaction on August 14 through his company of interest, Calvados Global Services, involved a purchase of 147,737,699 units of First HoldCo Plc shares at N140 per share.

By steadily increasing his share percentage, Otedola is reinforcing his position as the dominant shareholder, echoing his long-term playbook of securing strategic control in major Nigerian enterprises.

This consistent investment underscores strong market confidence in the future of Nigeria’s premier banking group.

Otedola has indicated a target equity control of over 51 percent, aiming for outright majority ownership of First HoldCo Plc.

As Otedola moves closer to his target of majority ownership, market watchers anticipate that these steady injections of capital will drive long-term structural value for shareholders and enhance the bank’s competitive edge.

Year-to-Date (YtD), the stock has returned approximately +192.28 percent, reflecting massive upward momentum driven by strong financial results and aggressive purchases. As at the close of trading on Monday, August 17, the stock stood at N140.

First HoldCo had touched a peak of N150 per share during intraday trading in early August (notably around August 7), marking a historic high for the stock amid heavy demand and Otedola’s aggressive share acquisitions.

It subsequently stabilised around the N140 mark, maintaining a phenomenal YtD growth profile of well over 190 percent for the year. The stock had traded at a 52-week low of N29.25 per share.

Otedola has aggressively accumulated shares in the financial holding company this year, investing approximately N391 billion (roughly $300 million) through a series of major transactions.

A breakdown of his disclosed purchases in 2026 includes May 2026, when he acquired 549.54 million shares valued at approximately N43.41 billion. In June 2026, he added 672.9 million shares valued at N29.6 billion during the second tranche of the lender’s private placement program.
On July 22, he purchased 706.13 million shares (via his investment vehicle, Calvados Global Services Limited) worth about N77.58 billion.

In late July 2026, he made his largest single purchase of the year, acquiring 1.78 billion shares costing about N222.21 billion.

In early August 2026, he acquired an additional 138.04 million shares for N18.11 billion (roughly $14 million).

These heavy capital injections have significantly raised his total direct and indirect ownership.

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.