Otedola Pumps Another N77.6bn into FirstHoldCo, Tightens Grip on Bank Group
By Victor Idajili
Billionaire businessman Femi Otedola has made another big bet on First HoldCo Plc, buying additional shares worth N77.59 billion and further consolidating his position as the largest individual shareholder in Nigeria’s oldest banking group.
A regulatory filing at the Nigerian Exchange on Wednesday showed that Otedola acquired 706.13 million ordinary shares through his investment vehicle, Calvados Global Services Limited. The deal was executed as a cross trade, meaning it was a pre-arranged transaction between a buyer and seller that was later formalized on the exchange floor.
The latest purchase brings Otedola’s total investment in FirstHoldCo to about N121 billion in just three months.
On May 13, 2026, Calvados Global had bought 549.5 million shares at N79 per share, valued at N43.4 billion. This week’s deal was done at a significantly higher price of N109.88 per share, underscoring Otedola’s push to increase his control as the group’s share price appreciates.
With the new shares, Otedola’s total holding now stands at 21.96% of FirstHoldCo. According to the company’s June 30, 2026 filing, he holds 3.25 billion shares directly and 6.03 billion shares indirectly, giving him 9.28 billion shares in total.
He remains the single largest individual shareholder. However, the largest overall stake is still held by RC Investment Management, an institutional vehicle that controls 22.94% or 10.43 billion shares.
RC Investment emerged as a major shareholder after it acquired 10.4 billion shares that were previously held by two long-time stakeholders of the group, Oba Otudeko and Oye Hassan-Odukale.
Market analysts say Otedola’s continued buying signals strong confidence in FirstHoldCo’s direction, even as ownership dynamics in the 130-year-old banking group continue to shift.
