Otedola increses First HoldCo stake, acquires shares worth ₦43bn

By Damilare Adeleye

The Chairman of First HoldCo Plc, Olufemi Otedola, has increased his stake in the financial services group following the acquisition of shares valued at approximately ₦43.41 billion.

This latest transaction, disclosed through an insider dealing notification filed with the Nigerian Exchange Limited (NGX), involved the purchase of 549,535,653 ordinary shares at ₦79 per share on May 13, 2026.

The acquisition was executed through Calvados Global Services Limited, an entity linked to the billionaire businessman and a significant shareholder in First HoldCo Plc.

Following the transaction, Otedola’s total shareholding in the group increased from the 8.06 billion shares reported in the company’s 2025 audited financial statements to approximately 8.60 billion shares.

The development triggered heightened activity in First HoldCo shares on the NGX, with trading volume surpassing 563 million shares during intra-day trading.

Market data further indicates that the company’s stock has recorded a year-to-date return of more than 57 per cent, reflecting sustained investor confidence and strong market interest in the banking group.