Femi Otedola Expands First HoldCo Stake with Fresh N20.7bn Share Buy

Femi Otedola, the prominent billionaire businessman, has further cemented his position in First HoldCo Plc by acquiring an additional 147.74 million shares in the financial services conglomerate. This recent transaction, valued at N20.7 billion, took place on August 14, with each share priced at N140. The purchase was executed through Calvados Global Services Limited, an investment entity linked to Otedola.

This latest acquisition contributes to a series of substantial investments Otedola has made in First HoldCo throughout the current year, pushing his declared share purchases in the company past the N400 billion mark. As the Chairman of First HoldCo, Otedola has consistently been increasing his ownership, openly stating his ambition to achieve a majority stake exceeding 51 percent. His aggressive accumulation strategy saw a significant uptick during the latter half of the year.

In May, Otedola secured 549.54 million shares for approximately N43.41 billion. This was followed in June by the acquisition of 672.9 million shares, worth N29.6 billion, facilitated through the company’s private placement program. His buying activity intensified in July, with a purchase of 706.13 million shares for around N77.58 billion on July 22. Later that same month, he made his single largest disclosed acquisition, investing roughly N222.21 billion to buy 1.78 billion shares. Early August saw another significant move, as Otedola acquired 138.04 million shares for N18.11 billion.

When factoring in this most recent transaction, the total disclosed share purchases for 2026 now stand at approximately N412 billion. This vigorous buying spree has coincided with a notable upward trend in First HoldCo’s share price. On August 17, the stock closed at N140, after having reached an intraday peak of N150 earlier in the month. Otedola’s continuous increase in his ownership stake remains a focal point for investors monitoring the company, especially as he pursues his stated goal of attaining controlling interest.