Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has tightened his grip on Nigeria’s oldest financial institution with an additional 1.779 billion ordinary shares valued at N222.20 billion.
The transaction, disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX), elevates Otedola’s total beneficial ownership to roughly 11.76 billion shares.
This bumps his direct and indirect ownership stake in the group from 21.96 per cent to 25.88 per cent. With the latest purchase priced at N124.90 per share, the overall value of his holding in First HoldCo now stands at approximately N1.47 trillion or $1 billion making it one of the largest single personal equity stakes in West Africa’s financial services sector.
The trade was executed through Calvados Global Services Limited, a primary investment vehicle tied to the business mogul. What makes the acquisition particularly striking is its timing: just eight days prior, on July 22, Calvados acquired 706.13 million shares for N77.59 billion. Taken together, Otedola has poured nearly N300 billion of fresh capital into First HoldCo in a little over a week.
Approaching the 30% Threshold
Otedola’s steady accumulation of stock over the past few years has brought his holding within striking distance of a major regulatory boundary.
Under rules set by the Securities and Exchange Commission (SEC) and the Investments and Securities Act (ISA), any shareholder whose voting rights reach or cross 30 per cent in a publicly traded firm is required to trigger a Mandatory Takeover Offer (MTO) to all other existing shareholders.
At 25.88 per cent, Otedola is now roughly four percentage points shy of that line. Market watchers in Lagos are asking whether the industrialist will pause just below the threshold or press ahead to initiate a formal tender offer.
A Historic Rally on the Exchange
The continuous buying activity comes alongside a historic surge in First HoldCo’s stock price. Over the past month, the equity has gained more than 120 per cent, outperforming the broader banking index and lifting First HoldCo's total market capitalization to roughly N5.78 trillion ($4.22 billion). That valuation pushes it past longtime industry peers like Zenith Bank and GTCO to position it as the most valuable banking stock on the Nigerian Exchange.
The Market participants attribute the rally to strong earnings output, aggressive institutional buying, and growing market belief in the board's restructuring plans.
When a company chairman deploys hundreds of billions in personal capital over a matter of days, it sends a powerful message to local and foreign asset managers. It suggests internal leadership sees intrinsic value that the open market is still catching up to.
This massive capital deployment comes during a broader transformation for the parent company of First Bank of Nigeria Limited. In recent months, First HoldCo has engaged in private placements and capital restoration drives aimed at reinforcing its flagship subsidiary's balance sheet, particularly ahead of the Central Bank of Nigeria's (CBN) revised recapitalization guidelines.
Having taken over the chairmanship following a protracted board contest in 2021, Otedola has pushed for leaner operations, risk cleanup, and digital expansion across the financial group. With First HoldCo delivering N653.5 billion in profit before tax for the first half of the year, his personal N1.47 trillion investment signals deep alignment with the institution’s long-term trajectory.