Otedola raises stake in First HoldCo to over 18% with N14.8bn share purchase

Billionaire investor Femi Otedola has increased his stake in First HoldCo Plc after acquiring additional shares valued at ₦14.8 billion, lifting his ownership in the financial holding company to more than 18 per cent.

The transaction was disclosed in a notice signed by Abiola Baruwa, group company secretary, and filed with the Nigerian Exchange Group (NGX) on Thursday.

According to the filing, the shares were acquired through Calvados Global Services Limited, an investment firm linked to Otedola.

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The notice said Otedola purchased 369,986,122 shares of First HoldCo at ₦40.06 per share on December 18.

The latest acquisition builds on a series of purchases by the businessman in recent months. On September 25, 2025, Otedola expanded his holding with the purchase of 64.87 million shares valued at ₦2.01 billion.

At the time, First HoldCo said the chairman bought 39.3 million shares directly on September 23, worth about ₦1.2 billion, and an additional 25.6 million shares indirectly, valued at ₦793.6 million, through Calvados.

That transaction raised Otedola’s stake in the company to 16.1 per cent, up from 13.15 per cent in September 2024.

Oluwatosin Ogunjuyigbe is a writer and journalist who covers business, finance, technology, and the changing forces shaping Nigeria’s economy. He focuses on turning complex ideas into clear, compelling stories.

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