WorldStage– Femi Otedola, Group Chairman of First HoldCo Plc, has further solidified his dominant position in the financial services giant after acquiring an additional 95,699,240 ordinary shares through his affiliated entity, Calvados Global Services Limited.
According to a regulatory filing submitted to the Nigerian Exchange Limited (NGX) by Company Secretary Abiola Baruwa on August 24, 2026, the transaction was executed at ₦131.48 per share, bringing the total value of the fresh capital injection to ₦12.58 billion.
Key Highlights of the Acquisition
Share Holding Expansion: The newly acquired block represents roughly 0.21% of the company’s total outstanding equity.
Related stories
Femi Otedola raises overall stake in First HoldCo to 27.5% with fresh ₦20.7b share purchase
Concerns over First HoldCo as Otedola’s recurring corporate ventures’ patterns receive spotlight following Geregu Power’s N40b bond defaultOtedola’s interest in First HoldCo jumps to 26% as Calvados Global Services buys fresh 138m shares
Total Stake: Following this transaction, Otedola’s total direct and indirect shareholding rises to approximately 12.14 billion shares, elevating his overall ownership stake to 27.70%.
Market Valuation: Based on First HoldCo’s market pricing, Otedola’s total equity in the financial group is valued at over ₦1.58 trillion.
Strategic Implications
This transaction represents the third major share purchase by Otedola in August 2026 alone, following earlier acquisitions of 138 million and 147.7 million shares on August 7 and August 17, respectively.
The continued share accumulation brings Otedola closer to the 30% threshold, which triggers a mandatory takeover offer requirement under Nigerian capital market regulations, as he actively pursues long-term strategic control of the financial institution.
