WorldStage — Calvados Global Services Limited, a company related to a significant shareholder of First HoldCo Plc, Mr. Olufemi Otedola, has purchased 138,041,465 ordinary shares of the financial services group.
According to a Notification of Share Dealing by an Insider filed with the Nigerian Exchange, the transaction took place on 6 August 2026 on the Nigerian Exchange Limited in Lagos.
The shares were acquired at ₦131.20 each.
The notification, classified as an initial notification, identifies Calvados Global Services Limited as a company related to a significant shareholder. First HoldCo Plc’s Legal Entity Identifier is 029200370B2O2ZA1C754, and the ordinary shares carry the ISIN NGFBNH000009.
The disclosure signed by Abiola Baruwa, Group Company Secretary of First HoldCo Plc also references Mr. Olufemi Otedola, CON, consistent with the known association between Calvados Global Services and the significant shareholder.
The purchase represents a substantial open-market acquisition by an entity linked to a major stakeholder in First HoldCo.
About Calvados Global Services Limited
It is a Nigerian private investment holding company closely associated with billionaire businessman Femi Otedola, incorporated in 2017 (RC-1395852) to operates across several sectors such as investment in stocks and securities, real estate, manufacturing, general merchandising (including supply of petroleum products such as diesel/AGO, PMS, DPK, lubricants and petrochemicals), Oil and gas, and Power
Major Holdings
- 95% ownership of Amperion Power Distribution Company Limited, which in turn holds a 95% stake in Geregu Power Plc.
- Significant (and growing) investments in First HoldCo Plc (formerly FBN Holdings). Calvados has been the primary vehicle through which Otedola has made large open-market purchases of First HoldCo shares in 2025 and 2026.
Board
- Chairman: Mr. Femi Otedola, CON
- Directors include members of the Otedola family (Ms. Olawunmi Christine Otedola, Ms. Ifeoluwa Florence Otedola, Ms. Temioluwa Elizabeth Otedola) and Mrs. Omolara Adeyemi.
Recent Activity
Calvados is frequently named in First HoldCo’s regulatory filings as a “company related to a significant shareholder.”
It has executed several large share purchases on the Nigerian Exchange, including the 138 million shares bought on 6 August 2026 at ₦131.20 each that triggered the latest insider dealing notification.In short, Calvados Global Services Limited functions as one of Femi Otedola’s main investment vehicles, with core interests in power (via Geregu) and banking/financial services (via First HoldCo).
As of the most recent available information (including the 6 August 2026 purchase), Calvados Global Services Limited holds approximately 8.65 billion ordinary shares in First HoldCo Plc.
Breakdown of the calculation from First HoldCo’s official shareholding disclosure as at 30 June 2026:
- Otedola’s indirect holding (via Calvados): 6,026,445,792 shares
Subsequent disclosed purchases by Calvados:
- 22 July 2026: +706,131,179 shares
- 30 July 2026: +1,779,094,976 shares
- 6 August 2026: +138,041,465 shares
Running total for Calvados:
6,026,445,792 + 706,131,179 + 1,779,094,976 + 138,041,465 = 8,649,713,412 shares
- First HoldCo’s issued share capital is approximately 45.48 billion shares.
- This places Calvados’s stake at roughly 19% of the company on its own.
- Combined with Otedola’s direct holding (about 3.25 billion shares), his total economic interest is in the region of 26%+.
