Femi Otedola, chairman of First HoldCo Plc, acquired 549.53 million new shares worth ₦43.4 billion at ₦79 each through Calvados Global Services Ltd. on May 13, signaling strong backing for the group’s aggressive expansion plans.
The purchase dominated trading on Wednesday, with 575 million First HoldCo shares — valued at ₦44.4 billion — accounting for nearly half the market’s turnover as the stock fell 9.9% to ₦71.20. The NGX All-Share Index edged up 0.04% to 252,508 amid the bank’s heavy volume.
Earnings Catalyst
First HoldCo’s Q1 profit before tax soared 72% to ₦321 billion from ₦186 billion, fueled by interest income and fees. Shares have climbed 48.6% year-to-date, underperforming the index’s 62.3% advance.
Capital Raise Vote
Shareholders will approve raising up to ₦253 billion at the May 29 AGM, targeting a ₦1 trillion paid-up capital base to double international banking limits. Otedola’s bet underscores confidence in recapitalization and First Bank’s growth as Nigeria’s oldest lender.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
