Otedola boosts First Holdco stake with N20.7bn share purchase

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Femi Otedola has expanded his investment in First HoldCo Plc after acquiring another 147.74m shares in the financial services group for N20.7bn.

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The transaction, executed on 14 August at N140 per share, was conducted through Calvados Global Services Limited, an investment vehicle associated with the billionaire businessman.

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The latest purchase adds to Otedola’s series of major acquisitions in First HoldCo this year, taking his disclosed share purchases in the company to more than N400bn.

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Otedola, who chairs First HoldCo, has been steadily building his position in the group and has previously expressed an ambition to raise his ownership beyond 51 per cent.

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His accumulation accelerated significantly in the second half of the year. In May, he bought 549.54m shares for about N43.41bn, followed by 672.9m shares worth N29.6bn in June through the company’s private placement programme.

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He stepped up purchases in July, acquiring 706.13m shares for approximately N77.58bn on 22 July.

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Later that month, he made his largest disclosed acquisition, purchasing 1.78bn shares at a cost of about N222.21bn.

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Otedola followed this with the acquisition of another 138.04m shares for N18.11bn in early August.

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Including the latest transaction, the disclosed purchases listed for 2026 amount to roughly N412bn.

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The aggressive buying has occurred alongside a strong rally in First HoldCo’s share price. The stock closed at N140 on 17 August, having reached an intraday high of N150 earlier in the month.

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The continued accumulation by Otedola has made his ownership position one of the key developments investors are watching in the company, particularly as he moves towards his stated objective of securing majority control.

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