The transaction, executed yesterday, was carried out at a share price of N40.06 per unit under the identification code NGFBNH000009. It was completed through Calvados Global Services Limited, a company linked to Mr. Otedola, according to NGX disclosures.
Exchange filings revealed that the day also saw two other insider transactions involving senior executives of the group. While Otedola was consolidating his stake, the Group Managing Director of First HoldCo Plc, Mr. Adebowale Oyedeji, also increased his exposure to the company. Oyedeji purchased one million ordinary shares at an average price of N33.96 per share through Bowarol Investment Limited, a related entity.
In contrast, another top executive moved in the opposite direction. Mr. Ini Ebong, Deputy Managing Director of First Bank of Nigeria Limited, sold 11,783,333 ordinary shares on December 12, 2025, at an average price of N31.14 per share on the NGX.
Market watchers view Otedola’s latest purchase as part of a deliberate strategy to further tighten his grip on First HoldCo. The chairman has steadily built his position since assuming the role in January 2024. In September 2025 alone, he acquired 39.3 million shares valued at N1.21 billion, while Calvados Global Services Limited picked up an additional 25.6 million shares worth N792.5 million at the same price of N31 per unit.
Financial disclosures from the company’s second-quarter results released on July 30, 2025, showed that Otedola previously held a direct stake of 3.21 billion shares (7.67%) and an indirect stake of 3.47 billion shares (8.28%). By September, his direct holding had increased to 3.25 billion shares (7.77%), while indirect holdings rose to 3.49 billion shares (8.34%). The latest acquisition further boosts his ownership, effectively cementing his influence over board decisions and the company’s long-term strategic direction.
NGX Rally Lifts Investor Wealth
The insider activity unfolded against the backdrop of a continued rally on the Nigerian Exchange. On Thursday, the NGX All-Share Index rose by 0.35% to close at 150,363.05 points, adding N331.65 billion to investors’ wealth as total market capitalization climbed to N95.86 trillion.
Market breadth remained positive, with 35 gainers outperforming 26 losers. Stocks such as NESTLE, GUINNESS, ALEX, DAARCOMM, and MECURE led the advancing pack, while STANBIC, LASACO, AFRIPRUD, AUSTINLAZ, and STERLINGNG recorded the sharpest declines.
Sectoral performance was mixed. The Consumer Goods sector led with a 1.23% gain, followed by Banking stocks, which advanced 0.56%. Oil and Gas stocks posted a marginal increase of 0.05%. On the downside, the Insurance sector fell by 0.23%, while the Industrial and Commodity sectors closed flat.
Despite the market’s upward movement, trading activity weakened significantly. Share volume plunged by 85.83% to 839.77 million units, transaction value dropped by 84.83% to N32.81 billion, and the number of deals declined by 7.91% to 23,211.
Naira Faces Renewed Pressure
Meanwhile, the naira came under pressure across both official and parallel markets. At the NAFEM window, the currency depreciated by 0.16% to close at N1,457.84 per dollar, while the parallel market rate slipped by 0.20% to N1,474 per dollar.
Analysts at Cowry Assets attributed the weakness to intensified currency pressures across both the regulated foreign exchange market and the informal segment, underscoring persistent demand-supply imbalances.
Together, the surge in insider buying at First HoldCo and the broader equity market rally signal renewed confidence among key players, even as currency pressures continue to shape Nigeria’s financial landscape.