*Femi Otedola, Nigerian billionaire investor and Chairman of FirstHoldCo Plc, increases his shareholding in the foremost financial institution to 27.49 percent by purchasing 147.74 million shares for N20.7 billion through Calvados Global Services Limited on the Nigerian Exchange, thereby cementing dominant position in the financial services group
Alexander Davis | ConsumerConnect
Mr. Femi Otedola, Nigerian billionaire investor and Chairman of FirstHoldCo Plc, has increased his stake in the foremost financial institution to 27.49 percent by purchasing 147.74 million shares for N20.7 billion through Calvados Global Services Limited on the Nigerian Exchange (NGX).
The latest transaction August 14, 2026, through his company of interest, involved a purchase of 147,737,699 units of FirstHoldCo Plc shares at N140 per share.
ConsumerConnect gathered Otedola has further cemented his dominance in the financial institution though a strategic accumulation of shares.
Banking industry observers said that Otedola’s move underscored his long-term confidence in Nigerian banking sector.
By steadily raising his shareholding percentage in the financial conglomerate, Otedola is reinforcing his position as the dominant shareholder, echoing his long-term playbook of securing strategic control in major Nigerian enterprises, according to report.
The billionaire businessman’s consistent investment reportedly underscores strong market confidence in the future of Nigeria’s premier banking group.
It was also gathered that Otedola indicated a target equity control of over 51 percent, aiming for outright majority ownership of FirstHoldCo Plc.
Therefore, as Otedola moves closer to his target of majority ownership of the financial services group, market watchers anticipate that these steady injections of capital will drive long-term structural value for shareholders and enhance the bank’s competitive edge, report noted.
Year-to-Date (YtD), the stock has returned approximately +192.28 percent, reflecting massive upward momentum driven by strong financial results and aggressive purchases.
It is also noted that as of the close of trading Monday, August 17 this year, the stock stood at N140.
Besides, FirstHoldCo 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 2026 includes May 2026, when he acquired 549.54 million shares valued at approximately N43.41 billion.
In June 2026, the billionaire investor added 672.9 million shares valued at N29.6 billion during the second tranche of the lender’s private placement programme.
Otedola, on July 22 as well purchased 706.13 million shares, via his investment vehicle, Calvados Global Services Limited) worth about N77.58 billion.
Likewise, in July this year, he made his largest single purchase of the year, acquiring 1.78 billion shares costing about N222.21 billion.
Still, in early August 2026, he acquired 138.04 million additional shares for N18.11 billion (roughly $14 million).
Report indicated that such heavy capital injections have significantly raised Otedola’s total direct and indirect ownership of FirstHoldCo Plc.