Otedola Raises First HoldCo Stake to 25.85% With N222.2 Billion Insider Share Purchase

Olufemi Otedola has significantly strengthened his position in First HoldCo Plc after a company related to the billionaire investor acquired 1.78 billion ordinary shares worth approximately N222.2 billion, according to an insider dealing notification filed with the Nigerian Exchange (NGX).

The transaction, executed through Calvados Global Services Limited, involved the purchase of 1,779,094,976 ordinary shares at N124.90 per share on July 30, 2026, making it one of the largest insider share acquisitions disclosed on the Nigerian Exchange this year.

The latest acquisition comes just eight days after Calvados Global Services Limited acquired 706,131,179 shares at N109.88 per share in a transaction valued at about N77.6 billion.

Based on the company’s previously disclosed shareholding structure and the two insider transactions, Otedola’s beneficial ownership in First HoldCo has now increased to an estimated 25.85 percent, further consolidating his position as the company’s largest shareholder.

Otedola’s Growing Stake in First HoldCo

The latest acquisition adds 1.779 billion shares to Otedola’s existing holding of 9.984 billion shares, bringing his total beneficial ownership to approximately 11.76 billion shares.

The speed and scale of the acquisitions have attracted attention across Nigeria’s capital market. Within one month, Otedola increased his ownership by approximately 5.45 percentage points, rising from 20.40 percent at the end of June to 25.85 percent after the latest transaction.

Compared with his March 31 position of 18.12 percent, his ownership has expanded by about 7.73 percentage points in just four months.

The latest purchase is also substantially larger than the previous disclosed acquisition. While the July 22 transaction involved 706.13 million shares, the July 30 purchase covered 1.779 billion shares, representing more than two-and-a-half times the earlier acquisition and nearly three times its value.

At N222.2 billion, the latest transaction is almost three times the value of the N77.6 billion purchase announced last week.

The aggressive accumulation helps explain the sustained buying pressure that has driven First HoldCo’s share price sharply higher in recent weeks.

The stock has consistently ranked among the most actively traded equities on the Nigerian Exchange as institutional and retail investors continued to position ahead of and after the insider disclosures.

Crossing the 25 percent ownership threshold further strengthens Otedola’s influence within the financial services group. While he already held the position of Chairman, the increased equity ownership significantly reinforces his economic interest in the company and further aligns his long-term investment with the future performance of First HoldCo.

The continued purchases also send a strong signal of confidence in the company’s long-term prospects. Large insider acquisitions of this magnitude are often interpreted by the market as an indication that a major shareholder believes the company remains undervalued or expects stronger earnings and shareholder value creation over time.

The disclosure, signed by Group Company Secretary Abiola Baruwa, stated that Calvados Global Services Limited, a company related to significant shareholder Mr. Olufemi Otedola, CON, acquired the shares on the Nigerian Exchange on July 30, 2026 at N124.90 per share.

With an estimated 25.85 percent ownership, Otedola has further widened the gap between himself and other major shareholders, cementing his position as the dominant shareholder in First HoldCo as investors continue to monitor developments around one of Nigeria’s largest financial institutions.