Billionaire investor and Board Chairman Mr. Olufemi Otedola, CON, has expanded his controlling stake in First HoldCo Plc, completing a ₦12.58 billion ($9.3 million) open-market share transaction disclosed to the Nigerian Exchange (NGX) on August 24, 2026.
The acquisition, executed on August 24, 2026, through his investment vehicle Calvados Global Services Limited, comprised 95,699,240 ordinary shares at an average price of ₦131.48 per share.
Following the sequence of insider transactions, this latest block purchase brings Otedola’s aggregate holdings to 12.34 billion ordinary shares, representing a 27.15% equity stake in First HoldCo’s total issued share capital.
The businessman has continued to increase his investment in the financial institution since emerging as its largest shareholder in 2021.
Otedola had earlier on August 14, 2026, acquired 147,737,699 shares at ₦140.00 per share (valued at ₦20.68 billion).
The purchase followed another on August 06 when Mr Otedola increased his stake, following his acquisition of about 138 million shares in the financial services group, valued at approximately ₦18.1 billion.
Also, on 30 July, Mr Otedola increased his stake in the financial services group by acquiring an additional 1.78 billion shares valued at about ₦222.21 billion.
At current price levels, the Otedola’s total stake in the group is valued at ₦1.579 trillion. equivalent to $1.14 billion (at an exchange rate of ₦1,385/$).
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