Otedola Pumps N14.8bn Into FirstHoldCo, Lifts Stake Beyond 17%

|By Babatunji Wusu

Billionaire investor Femi Otedola has deepened his grip on FirstHoldCo Plc, the parent company of First Bank of Nigeria, after snapping up additional shares worth N14.8 billion on the Nigerian Exchange.

A regulatory filing signed by Group Company Secretary, Abiola Baruwa, and submitted to the Nigerian Exchange Group on Thursday shows that the latest acquisition pushed Otedola’s ownership in the financial holding company to over 17 per cent.

The disclosure revealed that Otedola bought 369,986,122 shares on December 18 at N40.06 per share through Calvados Global Services Limited, his investment vehicle. The deal marks the latest move in a sustained buying spree that has steadily expanded his influence in the banking group.

Earlier, on September 25, 2025, Otedola purchased 64.87 million shares valued at N2.01 billion. FirstHoldCo had also disclosed that he acquired 39.3 million shares directly on September 23 for about N1.2 billion, alongside another 25.6 million shares worth N793.6 million through Calvados.

Those transactions raised his stake to 16.1 per cent from 13.15 per cent recorded in September 2024, underscoring his growing confidence in the financial institution and its long-term prospects.