Valued at a total of N20.7 billion, an additional 147.74 million shares have been acquired by Femi Otedola, further solidifying the billionaire businessman's growing stake in First HoldCo Plc, where he currently serves as Chairman.
Using his affiliated investment vehicle, Calvados Global Services Limited, the share purchase was finalized on August 14 at a rate of N140 per unit.
Throughout 2026, Otedola has maintained a steady buying spree to significantly expand his exposure to the financial services group. Consequently, his total recorded share purchases in the company for this year alone have now reached approximately N412 billion.
Otedola has been steadily strengthening his position in First HoldCo as he pursues a larger ownership stake in the group. The businessman has previously expressed an ambition to raise his holding beyond 51 per cent, a move that would give him majority control of the company.
His accumulation of shares has gathered considerable momentum in recent months. In May, Otedola acquired 549.54 million shares for approximately N43.41bn. The following month, he purchased another 672.9 million shares valued at N29.6bn through First HoldCo’s private placement programme.
The buying intensified in July. On July 22, Otedola acquired 706.13 million shares for about N77.58bn.
Later in the same month, he completed his largest disclosed purchase so far, taking up 1.78 billion shares at a total cost of approximately N222.21bn.
He continued the accumulation in early August, when he bought a further 138.04 million shares for N18.11bn.
The latest N20.7bn transaction therefore brings the value of Otedola’s disclosed share acquisitions in First HoldCo during 2026 to approximately N412bn, underscoring the scale of his investment in the group.
The buying has also coincided with a strong performance in First HoldCo’s share price. The stock closed at N140 on August 17 after reaching an intraday high of N150 earlier in the month.
Otedola’s continued accumulation has consequently become a major point of interest for investors monitoring First HoldCo. Beyond the immediate impact of the purchases on his shareholding, the transactions are also being closely watched for what they could mean for the ownership structure and future direction of the financial services group.
With Otedola continuing to build his position, attention is likely to remain focused on whether his next acquisitions will bring him closer to his stated objective of securing a majority stake in First HoldCo.