Chairman of First HoldCo Plc, Femi Otedola, has further increased his stake in the financial services group after acquiring 95,699,240 ordinary shares for N12.58 billion through his investment vehicle, Calvados Global Services Limited.

The purchase brings the total acquisition in August alone to 381.48 million shares and advances his ambition to take a majority stake in the bank.

The transaction executed on the Nigerian Exchange on August 24, 2026, was disclosed in a regulatory filing signed by the Group Company Secretary, Abiola Baruwa. The shares were purchased at N131.48 each, giving an aggregate transaction value of N12,582,404,672.

The latest acquisition further strengthens Otedola’s position as the largest shareholder in First HoldCo, taking his shareholding to about 12.23 billion shares or approximately 27.6 per cent, according to the latest disclosure.

The purchase comes barely 10 days after Otedola acquired another 147,737,699 shares at N140 each for N20.68 billion. He had also bought 138,041,465 shares at N131.20 each for about N18.11 billion on August 6.

The three August purchases have added about 381.48 million shares to his position through Calvados, with a combined value of approximately N51.37 billion.

The latest purchase also follows Otedola’s much larger acquisition of about 1.78 billion First HoldCo shares for N222.21 billion in July, indicating his continued accumulation of shares in the group.

Otedola had earlier disclosed his intention to increase his holding in First HoldCo to more than 51 per cent, saying the investment was aimed at creating long-term value in the financial services group.

The latest acquisition was made at a premium to First HoldCo’s market price, as the shares closed at N127.90 on August 24, meaning Otedola paid about 2.8 per cent above the closing price for the block.

The continued accumulation comes as First HoldCo shares have recorded a strong run on the NGX this year, attracting increased investor attention and lifting the value of the company.

The latest transaction brings Otedola’s total investment in First HoldCo to a level that places him close to the 30 per cent threshold.