Billionaire investor and Board Chairman Mr. Olufemi Otedola, CON, has executed another massive open-market purchase in First HoldCo Plc, pouring ₦20.68 billion (~$15.2 million) into the lender through an insider transaction filed with the Nigerian Exchange (NGX) on August 17, 2026.
The deal, conducted on August 14, 2026, through his investment firm Calvados Global Services Limited, saw Otedola acquire 147,737,699 ordinary shares at an average price of ₦140.00 per share.
Otedola Targets Over 51% Stake in First HoldCo
Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has indicated that he intends to build a controlling stake of more than 51% in First HoldCo Plc, saying majority ownership is central to executing the reforms and restructuring needed to create long-term value.
Otedola disclosed this in an interview noting that his investment philosophy has always been to acquire controlling interests in businesses.
According to him, his antecedents in this regard are evident in the successful transformation of Forte Oil Plc and Geregu Power Plc.
In the interview, Otedola spoke about his long-term ambitions for First HoldCo, where he currently owns about 25.8%, making him the company’s largest shareholder.
“I am sure that you can see from my antecedents that my investment threshold is always over and above 51%,” Otedola said.
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