Otedola acquires additional N222bn FirstHoldco shares, now controls 26%

By Peter Egwuatu

Femi Otedola, Chairman of First HoldCo, parent company of First Bank, has bought additional 1.779 billion shares of the company worth N222.209 billion.

According to a statement signed by the company’s secretary, Abiola Baruwa, made available to the Nigerian Exchange Limited, NGX, yesterday, the shares were acquired through Otedola’s investment vehicle, Calvados Global Services Limited.

Specifically, Otedola bought 1,779,094,976 units of FirstHoldco at a price of N124.90 per share.

The acquisition increased his shareholding in First HoldCo from 9.99 billion shares to 11.77 billion, added to his indirect stakes his total stake in the company surged from 21.96 percent to about 26%.

It should be noted that the purchase becomes the second acquisition Otedola will be making in July 2026, after purchasing 706.13 million shares, worth N77.58 billion, on July 22, 2026.

Otedola’s investments in the financial group now stands at N1.47 trillion as at yesterday, the highest held by any investor in the financial institution.