One investor keeps buying the same stock on the Nigerian Exchange, month after month, in transactions that dwarf the annual revenue of most listed companies.
On August 14, Femi Otedola’s investment vehicle Calvados Global Services Limited purchased 147.7 million ordinary shares of First HoldCo Plc at ₦140 per share. That single-day outlay, worth ₦20.68 billion, was disclosed in an insider dealing notification filed with the NGX.
The purchase pushed Otedola’s total stake from 26.1% to roughly 26.4%, his sixth publicly disclosed acquisition in 2026 alone. If you hold shares in Nigeria’s most valuable listed banking group, what Otedola does next could matter a great deal.
Calvados adds ₦20.68 billion to Otedola’s First HoldCo war chest
The transaction was executed through Calvados Global Services Limited, a corporate entity regulatory filings identify as directly connected to Otedola. According to the notification signed by group company secretary Abiola Baruwa, the purchase comprised 147,737,699 ordinary shares at ₦140 per share.
The deal lifted his aggregate holding from 11.99 billion shares to roughly 12.13 billion shares, TheCable reported. The nudge from 26.1% to 26.4% arrived less than two weeks after he acquired 138 million shares for ₦18.11 billion on August 6.
Mallam Garba Kurfi, managing director and CEO of APT Securities and Funds Limited, noted that chairman-led investments typically provide assurance among shareholders because the chairman’s proximity to management gives him a uniquely informed view of the company’s prospects, Kurfi told Leadership.
How ₦411 billion in purchases reshaped First HoldCo’s ownership in 2026
The August 14 buy is best understood as one chapter in a story of systematic accumulation. BusinessDay’s breakdown of Otedola’s 2026 disclosures illustrates the scale of the buying campaign.
Otedola’s 2026 First HoldCo stake tracker
- May 2026: 549.5 million shares purchased for ~₦43.41 billion
- June 2026: 672.9 million shares acquired at ~₦29.6 billion via private placement
- July 22: 706.1 million shares bought at ₦109.88/share (~₦77.58 billion)
- July 30: 1.78 billion shares acquired at ₦124.90/share (~₦222.21 billion)
- August 6: 138 million shares purchased at ₦131.20/share (~₦18.11 billion)
- August 14: 147.7 million shares bought at ₦140/share (~₦20.68 billion)
Those six transactions represent roughly ₦411 billion in deployed capital, approximately $315 million at prevailing exchange rates, based on a compilation of disclosed filings reported by BusinessDay. Otedola’s stake climbed from around 20.4% at the end of June to 26.4% in about seven weeks.
Why the 30% ownership line could change everything for First HoldCo
Otedola’s current position is just 3.6 percentage points below a threshold that carries significant regulatory weight. Under the Investments and Securities Act 2025 and SEC rules on mergers and acquisitions, any shareholder crossing 30% of the voting shares in a listed company must make a mandatory takeover offer to remaining shareholders.
On a register of between 44.45 billion and 45.5 billion outstanding shares, depending on the source, the trigger sits between roughly 13.34 billion and 13.65 billion shares, Billionaires.Africa and TheCable reported, respectively. Otedola’s 12.13 billion shares leave a gap of roughly 1.2 billion to 1.5 billion shares.
In an interview with Nairametrics, Otedola signaled that majority ownership may be the endgame, stating that his investment threshold has always been above 51%, Daily Trust reported.
“First HoldCo is a long-term generational commitment unlike my previous involvements. The free-market platform of the financial services industry and our commitment to internal reforms provide the basis of my huge investment and hence a long-term commitment.” — Femi Otedola, chairman of First HoldCo Plc, in an interview with Nairametrics
First HoldCo’s record ₦653.5 billion H1 profit underpins Otedola’s conviction
The accumulation coincides with the strongest half-year performance the banking group has ever posted. First HoldCo reported pre-tax profit of ₦653.54 billion for the six months ended June 30, 2026, an 83.5% increase year-on-year, Nairametrics reported. Gross earnings reached ₦1.93 trillion while profit after tax climbed to ₦526.13 billion.
The stock has surged roughly 192% year-to-date from ₦47.90 at the end of 2025 to around ₦140 by mid-August. First HoldCo surpassed Zenith Bank in July to become Nigeria’s most valuable listed banking institution, with its market capitalization climbing above ₦6 trillion, TheCable confirmed.
What Otedola’s buying streak means for First HoldCo shareholders
Six purchases totaling approximately ₦411 billion have moved Otedola from a 20% owner to a 26.4% owner of Nigeria’s most capitalized banking group. He has committed over ₦600 billion of his own money and signaled that he typically does not stop until he controls more than half.
For existing and prospective shareholders, several questions remain open. Will the next purchase push ownership past the 30% mandatory takeover threshold, and what would that offer look like for minority holders? Can First HoldCo sustain the earnings trajectory that has fueled its 192% share price rally? And does a chairman moving this aggressively toward majority control ultimately benefit or constrain minority shareholders?
