•Femi Otedola
Femi Otedola has taken another significant step in his bid to secure majority ownership of First HoldCo Plc, owners of First Bank of Nigeria Limited, increasing his stake in the financial services group to 26.1% after purchasing an additional 138.04 million ordinary shares worth N18.11 billion.
The latest acquisition, disclosed in a regulatory filing to the Nigerian Exchange (NGX) today, raises Otedola’s shareholding from 11.76 billion shares to 11.90 billion shares, further cementing his position as the company’s largest shareholder, reports The Guardian.
The filing, signed by Group Company Secretary Abiola Baruwa, showed that Calvados Global Services Limited, a company linked to Otedola, acquired 138,041,465 shares at N131.20 per share on August 6, 2026.
The purchase comes just days after Otedola publicly declared his intention to build a controlling stake of more than 51% in First HoldCo, arguing that majority ownership is necessary to execute the reforms and restructuring required to unlock long-term shareholder value.
The latest deal extends an aggressive buying spree that has seen Otedola and related entities invest close to N300 billion in First HoldCo shares within a little over a week. Last week alone, he acquired 1.779 billion shares valued at about N222.2 billion, following an earlier purchase of 706.13 million shares worth N77.6 billion by Calvados Global Services Limited.
Investor confidence in the company has continued to strengthen alongside Otedola’s acquisitions. First HoldCo shares closed at N148.35 today, representing a year-to-date gain of about 209.7%. At that price, Otedola’s 11.90 billion-share holding is valued at approximately N1.77 trillion.
Otedola has repeatedly pointed to his investment playbook at Forte Oil Plc and Geregu Power Plc, where he built controlling stakes before driving strategic changes.
His latest acquisition signals that First HoldCo is following the same path, with the billionaire steadily positioning himself to take majority control of Nigeria’s oldest banking group.
