Femi Otedola Becomes First Holdco Largest Shareholder

Billionaire investor Femi Otedola became the largest shareholder of First Holdco Plc after acquiring 1.779 billion additional ordinary shares on July 30, 2026. Executed through his investment vehicle, Calvados Global Services Limited, the transaction was valued at approximately N222.2 billion at a price of N124.90 per share.

This acquisition increases Otedola's total equity stake to approximately 25.9%, displacing RC Investment, which previously held a 22.94% stake. The purchase follows a series of acquisitions in May, June, and July, including a July 22 buy of 706.13 million shares. His total shareholding now ranges between 11.77 billion and 11.96 billion shares, with a total estimated investment value between N1.45 trillion and N1.47 trillion. This level of ownership approaches the 30% threshold that would trigger a mandatory takeover offer under Nigerian securities rules.

The consolidation occurs as First Holdco emerged as Nigeria's most valuable banking stock by market capitalization, surpassing Zenith Bank. The company reported strong first-half 2026 results, with gross earnings growing 166.7% to N1.93 trillion and pre-tax profit reaching N653.54 billion. In response, the board approved a dividend policy to distribute at least 60% of annual net profit to shareholders. The group intends to use broader capital raise proceeds to strengthen the balance sheet and restore capital for its flagship subsidiary, First Bank of Nigeria Limited.