Billionaire businessman Olufemi Otedola has strengthened his influence in First HoldCo Plc after acquiring additional shares worth about N43.41 billion in one of the largest single stock deals recorded on the Nigerian Exchange this year.
The transaction, executed on May 13, 2026, saw Otedola purchase 549,535,653 units of the company’s shares at an average price of N79 per unit, further increasing his ownership stake in the financial services group.
Following the acquisition, his total holdings in First HoldCo climbed from 8.05 billion shares, as captured in the company’s 2025 audited financial statements, to 8.60 billion shares.
Market data from the Nigerian Exchange indicates that the latest purchase pushed Otedola’s stake to 19.35% of the company’s total outstanding shares, up from 18.12% previously.
The acquisition places him firmly as the second-largest shareholder in the banking group, trailing only RC Investment Management Ltd, which currently controls about 23.47% of the company’s equity.
Investor sentiment around the stock intensified shortly after the transaction became public, triggering a sharp rise in trading activity. Trading volume crossed 575 million shares at the close of business on May 13, marking the highest single-day trading volume recorded for the stock in 2026.
The momentum also extended the company’s impressive market performance, with First HoldCo’s year-to-date return climbing beyond 57%, reinforcing investor confidence in the group’s expansion strategy and earnings outlook.
The latest share purchase comes at a crucial period for the company as it prepares to seek shareholder approval for a proposed N253 billion capital raise at its Annual General Meeting scheduled for May 29, 2026.
The fundraising initiative forms part of the group’s broader ambition to strengthen its balance sheet and build a capital base targeting N1 trillion, including share premium and reserves.
According to the company, the planned capital injection may be executed through several channels, including public offers, rights issues, private placements, bonus issues, share issuances, or scrip dividends.
Market analysts believe Otedola’s increased investment could signal strong insider confidence ahead of the planned recapitalisation exercise.
The aggressive accumulation of shares also follows a strong first-quarter performance by the group in 2026.
First HoldCo reported a 72.2% rise in pretax profit, which climbed to N321.1 billion from N186.4 billion recorded during the corresponding period in 2025.
The growth was largely driven by stronger earnings from both interest and non-interest income streams.
Interest income rose significantly to N704.4 billion from N625.2 billion, supported by improved returns from loans and advances to customers, investment securities, and interbank lending activities.
Specifically, loans and advances to customers generated N465.5 billion, while investment securities contributed N192.9 billion. Loans and advances to banks added another N45.9 billion to earnings.
On the non-interest income side, net fees and commissions increased to N78.9 billion from N64.1 billion, helping to lift operating profit to N320 billion compared to N186.6 billion in the same period last year.
The group’s balance sheet also reflected stronger financial positioning, with total equity rising to N3.4 trillion from N3.3 trillion.
Retained earnings grew sharply to N667.9 billion from N401.7 billion, a development analysts say could improve shareholder value and support stronger dividend payouts in the future.
Otedola’s latest acquisition now stands as the largest single share dealing involving First HoldCo stock in 2026.
So far this year, the company has remained one of the Nigerian Exchange’s most actively traded equities, with cumulative trading volume exceeding 2.4 billion shares.
The financial institution currently maintains a market capitalisation above N3 trillion, cementing its position among Nigeria’s largest listed banking and financial services groups.