Otedola Acquires Additional N222bn FirstHoldco Shares, Now Controls 26%

Lagos State – Femi Otedola, Chairman of FirstHoldco, parent company of First Bank, has bought an additional 1.779 billion shares of the company worth N222.209 billion, increasing his total stake to about 26 per cent.

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

Otedola bought 1,779,094,976 units of FirstHoldco at a price of N124.90 per share, increasing his direct shareholding from 9.99 billion shares to 11.77 billion shares.

Including his indirect stakes, Otedola’s total stake in the company surged from 21.96 per cent to approximately 26 per cent, marking a significant consolidation of his ownership position.

The acquisition represents the second such purchase Otedola has made in July 2026, following an earlier purchase of 706.13 million shares worth N77.58 billion on July 22.

The continued share accumulation underscores Otedola’s deepening commitment to FirstHoldco, coming as Nigerian banking stocks have attracted strong investor interest amid the broader equities market rally this year.