Otedola increases First HoldCo stake to 21.95% in N77.6bn deal
Femi Otedola has deepened his grip on Nigeria’s most valuable bank with a N77.6 billion share purchase, signaling strong insider confidence days after the lender crossed a N5 trillion market capitalization milestone.
Calvados Global Services Limited, a company related to First HoldCo Chairman Femi Otedola, acquired 706.13 million ordinary shares at N109.88 each on July 22. The N77.59 billion transaction, disclosed in a regulatory filing, increases Otedola’s combined direct and indirect holding to 21.95%, or 9.28 billion shares.
The purchase follows First HoldCo’s record half-year results and its recent ascent to a N5 trillion market capitalization, a first for any Nigerian banking stock. For the six months ended June 30, the lender reported an 83.5% year-on-year surge in pre-tax profit to N653.54 billion. This performance was underpinned by net interest income of N879.13 billion, interest income of N1.40 trillion, and net fee and commission income of N178.51 billion.
For market participants, the sheer scale of this insider buying validates the stock’s sustained rally in 2026. The financial group has posted stronger capital adequacy, better operating efficiency, and improved asset quality. These fundamentals have drawn in investors who are steadily pricing in the company’s strategic transformation.
The acquisition has also fueled market speculation regarding Otedola’s ultimate ambitions. Sources familiar with the transaction suggest he could be targeting a 51% controlling stake in the financial institution. Neither Otedola nor First HoldCo have publicly confirmed this, and the claim remains unverified.
Achieving a majority position would mark a significant structural shift for the lender. First HoldCo currently maintains a broad shareholder base, with a free float of 56.59% according to its latest half-year financial statements. However, Otedola has historically favored dominant ownership structures, having held roughly 78% of Geregu Power Plc before gradually paring that stake.
The regulatory filing submitted to the Nigerian Exchange classified the transaction as an initial notification of insider dealing. It stands as one of the largest disclosed insider acquisitions on the local bourse this year, reinforcing Otedola’s long-term commitment to the institution.
