Otedola raises First HoldCo stake to 26.1%

Femi Otedola, chairman of First HoldCo Plc, has continued to aggressively accumulate shares in the Nigerian banking group, raising his stake to 26.1% as of August 6, 2026. Through his investment vehicle Calvados Global Services Limited, Otedola acquired 138.04 million shares worth N18.11 billion at N131.20 per share, following a series of large purchases in July. These included a 1.779 billion share acquisition valued at N222.27 billion on July 30 and a 706.13 million share purchase worth N77.58 billion on July 22. Otedola has stated his investment threshold is 'always over and above 51 percent,' signaling his intention to seek majority control. He has invested over N600 billion of personal wealth in the group, which he describes as a 'long-term generational commitment.' The buying spree has coincided with a sharp rally in First HoldCo's share price, which hit an all-time high of N140 per share, making it Nigeria's most valuable listed banking group with a market capitalisation of N6.37 trillion. The company reported record first-half 2026 results, with profit before tax up 83.5% year-on-year to N653.4 billion. Otedola's accumulation has brought him close to the 30% mandatory takeover threshold under Nigerian securities law, intensifying market speculation about his ultimate ownership ambitions.