Femi Otedola has further strengthened his influence in First HoldCo Plc after investing an additional N222.2 billion to acquire 1.779 billion ordinary shares, pushing his total ownership in the financial services group to 25.87 percent.
The latest acquisition, disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX), increases the billionaire investor's beneficial shareholding to 11.763 billion ordinary shares, further consolidating his position as the company's largest shareholder.
The shares were acquired at N124.90 per share, bringing the market value of Otedola's total stake to about N1.47 trillion, roughly $1 billion, making it one of the largest individual investments in Nigeria's financial services sector listed on the Nigerian Exchange.
The transaction comes barely a week after Calvados Global Services Limited, a company linked to Otedola, purchased 706.13 million shares valued at N77.59 billion. Together, both acquisitions represent fresh investments of nearly N300 billion in First HoldCo within just over one week, underscoring Otedola's growing confidence in the banking group's long-term prospects.
The aggressive accumulation of shares has coincided with an impressive rally in First HoldCo's stock, which has surged by more than 120 percent over the past month, making it one of the best-performing large-cap stocks on the Nigerian Exchange.
Regulatory filing confirms latest acquisition
According to the filing submitted to the Nigerian Exchange, Otedola purchased 1,779,094,976 ordinary shares of First HoldCo at N124.90 per share, bringing the transaction's value to approximately N222.2 billion.
The filing stated:
"Following the transaction, Otedola's total beneficial interest in the company has increased to 11,763,018,192 ordinary shares, representing 25.87% of the company's issued share capital."
It also confirmed that the latest investment follows last week's insider transaction involving Calvados Global Services Limited, which acquired 706.13 million shares worth N77.59 billion.
Based on the company's closing share price of N124.90, Otedola's 11.76 billion-share holding is now valued at approximately N1.47 trillion, reflecting both his continued accumulation of shares and the sharp appreciation in the stock price over recent weeks.
Rising stake fuels speculation over long-term plans
Otedola's increasing ownership has renewed market speculation about his long-term ambitions for First HoldCo.
With a 25.87 percent stake, he has moved closer to owning more than one-quarter of Nigeria's oldest banking group, strengthening his influence over the company's future direction.
Sources familiar with previous transactions had told BrandIconImage that Otedola could ultimately be targeting a 51 percent controlling stake in the company. However, the publication noted that it has not independently verified the claim, while neither Otedola nor First HoldCo has publicly commented on any intention to pursue majority ownership.
Should such a move materialise in the future, it would hand the businessman effective control of one of Nigeria's largest financial institutions.
The latest investment also reflects Otedola's established investment strategy of building significant ownership positions in companies where he seeks to exercise strategic influence. Before gradually reducing his holdings in Geregu Power Plc, he owned approximately 78 percent of the power generation company.
Unlike several listed firms with concentrated ownership structures, First HoldCo maintains a relatively broad shareholder base, leaving room for additional share accumulation through market purchases, subject to regulatory approvals.
Strong financial performance supports investor confidence
The latest insider purchase comes shortly after First HoldCo announced what it described as the strongest financial performance in its history.
For the six months ended June 30, 2026, the Group posted a record pre-tax profit of N653.54 billion, representing an 83.5 percent year-on-year increase from N356.15 billion recorded during the corresponding period in 2025.
The Group also reported N1.40 trillion in interest income, N879.13 billion in net interest income, and N178.51 billion in net fee and commission income, while continuing to improve asset quality, capital adequacy and operational efficiency.
Buoyed by the strong performance, the banking group projected that its profit before tax will exceed N1.2 trillion for the full 2026 financial year, citing gains from its recapitalisation programme and the clean-up of legacy non-performing loans.
Investor confidence has risen alongside the improved earnings, with First HoldCo recently becoming the first Nigerian banking stock to surpass a N5 trillion market capitalisation during intraday trading. Its shares have also climbed more than 120 percent over the past month, reinforcing its position as one of the standout performers on the Nigerian Exchange.
The bank's remarkable rally has also reignited conversations around the valuation of Nigerian banking stocks. While many domestic lenders continue to trade below their book value despite delivering competitive returns on average equity, First HoldCo has bucked that trend. The company's shares now trade at roughly 1.7 times book value, supported by an annualised return on average equity (ROAE) of about 30 percent, bringing its valuation closer to those of leading pan-African banking institutions.