Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has significantly deepened his investment in Nigeria's most valuable banking group, acquiring an additional 1.77 billion shares worth approximately N222.2 billion and raising his total beneficial ownership to about 26.01 per cent of the company's issued share capital. The transaction, executed on Thursday, July 30, 2026, on the floor of the Nigerian Exchange Limited (NGX), was carried out through his primary investment vehicle, Calvados Global Services Limited, according to a regulatory filing submitted to the Exchange under its insider dealing disclosure requirements.
The filing, signed by the Group Company Secretary, Abiola Baruwa, showed that Calvados Global Services Limited acquired 1,779,094,976 ordinary shares of First HoldCo at N124.90 per share, valuing the transaction at approximately N222.2 billion. The purchase marks Otedola's second major investment in the company this July, following his acquisition of 706.13 million shares worth N77.58 billion on July 22, 2026. Combined, the two acquisitions represent fresh investments of nearly N300 billion in First HoldCo within just over a week.
The latest acquisition raised Otedola's total shareholding from 9.99 billion shares to approximately 11.77 billion shares, increasing his ownership stake from 21.96 per cent to 25.88 per cent. Some reports placed his new stake at 26.01 per cent, reflecting slight variations in the calculation of the company's total issued share capital. With the fresh acquisition, Otedola's total investment in First HoldCo has climbed to N1.47 trillion (approximately $1 billion), making him the institution's single largest shareholder.
The acquisition comes weeks after First HoldCo overtook Zenith Bank to become Nigeria's most valuable banking stock by market capitalisation, following a sustained rally in its share price on the Nigerian Exchange. The stock has gained more than 120 per cent over the past month, making it one of the Exchange's best-performing large-cap stocks. The bank's rapid re-rating has reignited debate over the valuation of Nigerian banking stocks. While most Nigerian banks continue to trade below their book value despite delivering returns on average equity that compare favourably with many leading African lenders, First HoldCo has bucked that trend, with its shares now trading at about 1.7 times book value on an annualised return on average equity of roughly 30 per cent, bringing its valuation closer to those of leading pan-African banking peers.
Otedola's aggressive accumulation of First HoldCo shares has intensified speculation over his long-term ambitions for the banking group. Under the Investments and Securities Act and the Securities and Exchange Commission's rules on mergers and acquisitions, any shareholder who acquires 30 per cent or more of the voting shares in a publicly listed company is required to make a mandatory takeover offer to the remaining shareholders. With Otedola now holding more than 25 per cent of the company, market observers are closely watching whether he will cross the 30 per cent threshold, which would trigger a mandatory takeover bid for the remaining shares.
The transaction represents one of the largest insider share purchases disclosed on the Nigerian Exchange in recent times, with the nearly 1.78 billion shares acquired representing a substantial block of the company's issued shares. Insider dealing notifications are mandatory disclosures required under NGX regulations whenever directors, senior executives, significant shareholders, or entities connected to them trade in the shares of listed companies, designed to enhance market transparency and strengthen investor confidence.
Otedola, who became Chairman of First HoldCo in October 2024, has steadily consolidated his position in Nigeria's oldest banking group over the past year. His latest investment reinforces his conviction in the bank's long-term prospects and further cements his position as the company's largest shareholder. The development is expected to be closely monitored by market participants for its implications on the company's ownership structure and future strategic direction.
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