Otedola Spends ₦14.8 Billion to Boost First HoldCo Stake to 16.98%

The Chairman of First HoldCo Plc, Femi Otedola, has acquired ₦14.8 billion worth of additional shares marking a significant consolidation of power in Nigeria’s oldest financial institution.

Disclosed on December 18, 2025, the transaction saw Otedola purchase 369,986,122 shares at a unit price of ₦40.06.

This move is part of a broader trend of insider buying as Tier-1 banks race to meet the Central Bank of Nigeria’s (CBN) ₦500 billion minimum capital requirement by April 2026.

This latest purchase, executed through Calvados Global Services Limited (an investment vehicle linked to Otedola), significantly shifts the bank’s ownership structure.

Otedola’s combined direct and indirect stake has risen to approximately 16.98% up from 16.1% in September 2025.

Otedola now owns 7,111,457,953 shares in First HoldCo which has 41.878 billion shares outstanding.

The announcement triggered an immediate 7.7% jump in FBNH’s share price, closing at ₦42.65 on the day of disclosure.

Under Otedola’s chairmanship, First HoldCo’s market capitalization has climbed to approximately ₦1.84 trillion, reflecting a 52.1% year-to-date gain.

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