Femi Otedola is not letting up on First HoldCo Plc, and the latest regulatory filing shows exactly how far he still intends to go.
The billionaire chairman has now committed more than N600 billion of his personal wealth to the financial services group since he first surfaced as its largest shareholder.
His investment vehicle just picked up another 138 million shares in a deal worth N18.1 billion on the Nigerian Exchange.
For anyone watching Nigeria’s most valuable listed lender, the question is no longer whether Otedola keeps buying more stock in First HoldCo.
The real question is what his relentless accumulation means for the stock, the free float, and every other shareholder in the register.
Calvados Global picks up 138 million First HoldCo shares at N131.20
A regulatory filing submitted to the Nigerian Exchange on August 7 confirmed the purchase of 138,041,465 ordinary shares of First HoldCo Plc (NGX filing). Calvados Global Services Limited, a company identified in the disclosure as related to significant shareholder Olufemi Otedola, executed the transaction on August 6. The shares were acquired at N131.20 each, placing the total transaction value at approximately N18.1 billion on the exchange floor in Lagos.
The deal marks the third major insider purchase through Calvados Global within three weeks, following a N77.6 billion acquisition on July 22 and a N222.2 billion transaction on July 30, Nairametrics reported. Otedola’s total beneficial shareholding in First HoldCo now stands at approximately 11.9 billion shares, representing roughly 26% of issued share capital. The billionaire confirmed in a recent interview with Nairametrics that he has invested more than N600 billion of personal wealth in the group.
First HoldCo’s record earnings and stock rally fuel Otedola’s conviction
First HoldCo is in the middle of a historic run that has reshaped how the market values Nigerian banking stocks across the exchange. The group posted pre-tax profit of N653.4 billion in the first half of 2026, an 83.5% jump compared to the same period in 2025, its half-year results showed. Return on average equity reached 30.4%, which Otedola described as the highest performance among Nigeria’s leading banking groups in his interview with Nairametrics.
The stock reached an intraday high of N150 on August 7, pushing the company’s market capitalization past N6.8 trillion, BusinessDay reported. The record extended a rally that saw the stock touch N140 during the prior session. First HoldCo has appreciated more than 210% year-to-date from the N47.90 level where it closed 2025, cementing the group as the NGX’s most valuable banking stock. Olusegun Alebiosu, chief executive of FirstBank, projected that the group’s full-year pre-tax profit will exceed N1.2 trillion, BusinessDay noted.
“When a major shareholder commits this level of capital, it demonstrates confidence in the institution’s earnings potential and future growth. It also sends a reassuring signal to the wider investment community that management believes the company remains undervalued or has significant upside.” — Johnson Chukwu, CEO, Cowry Asset Management, in a July commentary on Otedola’s earlier First HoldCo acquisitions, via Blueprint
Otedola’s 51% target and what it signals for First HoldCo shareholders
Otedola’s accumulation follows a familiar playbook drawn from his earlier corporate investments in two other Nigerian companies he eventually controlled. At Forte Oil, he raised his holding from 28% to 75% before selling the business in 2019, he told Nairametrics. At Geregu Power, he moved from 51% to 95% before reducing to 77% after the company’s public listing in 2022, he added.
In the same interview, Otedola confirmed that his investment threshold has always exceeded 51%, with firm shareholder control forming the foundation for executing reforms and restructuring. He described the outlay as a reflection of unwavering confidence in the institution’s long-term future and fundamentals, rather than speculation on short-term price movements.
Key figures behind Otedola’s First HoldCo accumulation
- Current beneficial stake: Approximately 11.9 billion shares, roughly 26% of issued share capital
- Total investment committed: More than N600 billion (~$432 million) of personal wealth (Source: Nairametrics)
- July-August 2026 purchases: Three transactions totaling more than N317 billion in three weeks
- H1 2026 pre-tax profit: N653.4 billion, up 83.5% year-on-year (Source: First HoldCo H1 2026 results)
- Full-year PBT forecast: Expected to exceed N1.2 trillion (~$876 million) (Source: BusinessDay)
- Year-to-date stock gain: More than 210%, from N47.90 at end-2025 to an intraday record of N150 on August 7 (Source: BusinessDay)
Analyst caution and a narrowing free float complicate the First HoldCo outlook
Not every analyst shares the same level of optimism about the stock’s valuation at current levels, and that tension matters for you. CSL Stockbrokers Limited recently reduced its target price for First HoldCo to N51.55 while maintaining a hold rating on the shares; the firm indicated in a review cited by MarketForces Africa. That target sits at a steep discount to the current trading price of roughly N140, highlighting the gap between Otedola’s conviction and cautious institutional sentiment.
Mallam Garba Kurfi, managing director and CEO of APT Securities and Funds Limited, offered a more supportive reading of the transactions, noting that chairman-led investments typically reassure other market participants about a company’s forward outlook, Leadership reported.
Every share Otedola locks away through Calvados Global also reduces the pool of stock available for everyday trading on the Nigerian Exchange. First HoldCo’s effective free float has been narrowing steadily as his stake has risen from 15.95% in mid-2025 to roughly 26% today. A separate block of 10.4 billion shares controlled by RC Investment Management is being offered on the market at N110, Billionaires.Africa reported. How quickly the market absorbs that supply will shape near-term liquidity and price direction for anyone trading the stock on the NGX.
