Femi Otedola, chairman and significant shareholder of First HoldCo Plc, has increased his ownership in the financial group to 16.1% following the purchase of an additional 64,878,668 shares valued at ₦2,011,238,708.
The transactions were disclosed in two separate filings to the Nigerian Exchange Limited (NGX), made under post-listing requirements and signed by the company secretary, Adewale L. O. Arogundade. The documents show that on 23 September 2025, Otedola bought 39,313,379 shares at ₦31 per share, totaling ₦1,218,714,749. On the same day, a further 25,565,289 shares were acquired for ₦792,523,959 through Calvados Global Services Limited, an Otedola-affiliated vehicle.
As a result, Otedola’s direct shareholding in First HoldCo has risen to 3,251,346,245 units (7.76%), while his indirect holdings—including shares held via Calvados—now stand at 3,491,125,586 units (8.34%). Combined, the billionaire investor controls 6,742,471,831 shares, cementing his position as the company’s largest shareholder.
The latest move represents a notable step-up from September 2024, when Otedola’s combined interest was disclosed at 13.15%. It also comes less than three months after major secondary-market activity in the stock, when Oba Otudeko (founder of Barbican Capital and chairman of Honeywell Group) and Tunde Hassan-Odukale (group managing director of Leadway Assurance) sold more than 10 billion shares in First HoldCo.
Market watchers say the fresh accumulation underscores Otedola’s long-running bet on First HoldCo’s banking and financial services platform, while potentially reshaping the company’s shareholder dynamics ahead of future capital and governance decisions. The filings did not disclose whether the purchases were part of a broader strategic program or opportunistic trades amid recent changes to the company’s register.
First HoldCo—whose disclosures were made under its FBN Holdings ticker documents—did not provide additional commentary beyond the statutory notices. The NGX filings confirm settlement of the trades executed on 23 September, with pricing that aligns with the stock’s recent range.
With his stake now past 16%, Otedola’s influence at First HoldCo continues to expand, following a series of incremental buys over the past year. Investors will be watching whether further acquisitions follow, how the board composition evolves, and what this could mean for dividend policy, capital allocation, and the group’s medium-term strategy across banking and non-bank subsidiaries.
