On Saturday, August 8, 2026, an intriguing report published by PUNCH outlined the recent developments surrounding Femi Otedola, the renowned billionaire investor and entrepreneur. Otedola has markedly reinforced his influence over First HoldCo Plc through a significant acquisition of shares, with an entity closely affiliated with him having purchased shares in the financial services group amounting to an impressive N18.11 billion. This substantial transaction was executed by Calvados Global Services Limited, a company that has strong ties to Otedola, which acquired a total of 138,041,465 ordinary shares in First HoldCo on Thursday, August 6.
The shares were obtained at a price of N131.20 each on the esteemed Nigerian Exchange Limited. When the dust settled on this financial maneuver, the cumulative value of the share acquisition tallied up to precisely N18,111,040,208, underscoring the scale of Otedola’s investment and his unwavering commitment to the company.
In line with transparency and regulatory compliance, this acquisition was formally disclosed to the Nigerian Exchange (NGX) on Friday by Abiola Baruwa, the Group Company Secretary of First HoldCo. The announcement was made in accordance with the regulations that govern insider transactions, particularly those involving individuals in managerial positions and their closely associated entities. Notably, this latest transaction is among the most significant equity purchases made by Otedola in recent weeks. In fact, it marks his third considerable acquisition in less than three weeks, following a series of multi-billion-naira transactions that took place in July.
As a result of this recent purchase, Otedola’s beneficial ownership stake in First HoldCo has ascended to an estimated 27.16 percent, effectively consolidating his status as the company’s largest shareholder. This increasing stake in the financial services group comes at a crucial time, as First HoldCo actively works to bolster its capital base in compliance with the recapitalization mandates set forth by the Central Bank of Nigeria, which apply to both commercial banks and financial holding companies.
Otedola has expressed his motivations for this significant investment, emphasizing that his interest in the group is geared toward long-term value creation rather than mere speculative trading. He articulately stated, “That figure speaks not to speculation but to unflinching confidence in the institution’s future and my unwavering commitment to its success. If you look at my antecedents, my investment threshold is always centered on long-term value creation.” This statement reflects his strategic mindset and dedication to the enduring success of First HoldCo.
Furthermore, market analysts are keenly observing the ramifications of this monumental transaction. A Lagos-based trader and capital market analyst, Ade Ojapa, remarked on the potential impact that such a large-scale trade could have on market dynamics and investor sentiment regarding First HoldCo. “Market participants expect the sheer size of the trade to boost trading volume and sentiment around First HoldCo equities as the market digests the structural impact of the deal,” Ojapa noted, hinting at the increasing attention and scrutiny that the company is likely to receive from investors and analysts alike in the wake of this substantial acquisition. As the financial landscape evolves with Otedola’s strategic moves, the repercussions on First HoldCo and the broader market will surely be of significant interest in the coming days.
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