Otedola Expands First Holdco Stake with N2.01bn Share Purchase
First Holdco Chairman, Femi Otedola, has strengthened his position in Nigeria’s oldest listed financial institution with fresh acquisitions worth ₦2.01 billion, boosting both his direct and indirect stakes in the group.
A regulatory filing to the Nigerian Exchange (NGX) on Thursday confirmed that Otedola bought 39,313,379 units at ₦31 per share, valued at ₦1.21 billion, under the identification code NGFBNH000009. The transaction was executed in Lagos on September 23, 2025.
In a parallel move, Calvados Global Services Limited, a company linked to Otedola, acquired 25,565,289 ordinary shares valued at ₦792.5 million at the same price and code, bringing total fresh investments to more than ₦2.01 billion.
Data from Anchoria Securities Limited revealed that about 40 million units of First Holdco shares were exchanged in block deals on Wednesday at ₦30.65 – ₦31.00, amounting to ₦1.24 billion in turnover.
Before these acquisitions, Otedola’s direct stake stood at 3,212,032,866 units or 7.67 per cent of the group, alongside an indirect holding of 3,465,560,297 units, representing 8.28 per cent. The latest purchases raise his direct stake to 3,251,346,245 units or 7.77 per cent, and his indirect stake to 3,491,125,586 units, now 8.34 per cent of outstanding shares.
Despite the billion-naira transactions, First Holdco’s stock traded weaker during intraday, shedding 48 basis points on the NGX as negative investor sentiment weighed on the counter.
Market watchers said the sizeable acquisitions further consolidate Otedola’s grip on the financial holding company, underscoring his strategic positioning ahead of possible value-creation moves within Nigeria’s oldest financial group.
