Otedola’s First HoldCo Stake Rises to 18% Following N14.8bn Share Acquisition

Femi Otedola, chairman of First HoldCo Plc, has raised his stake in the financial holding company to over 18 percent after acquiring additional shares worth N14.8 billion.

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

According to the filing, Otedola purchased 369,986,122 units of First HoldCo shares at N40.06 per share on December 18, 2025, through Calvados Global Services Limited, an investment firm linked to the billionaire.

This latest acquisition builds on Otedola’s previous stake expansion in the company. On September 25, 2025, he acquired 64.87 million shares valued at N2.01 billion. Of this, 39.3 million were direct shares worth N1.2 billion, while an additional 25.6 million shares were acquired indirectly through Calvados for N793.6 million.

The September transaction had increased Otedola’s stake in First HoldCo to 16.1 percent, up from 13.15 percent in September 2024. With the December acquisition, his ownership now exceeds 18 percent, consolidating his position as a major shareholder in the company.