Otedola deepens stake in First HoldCo with N14.8b share purchase
Domestic investors maintained a commanding presence on the Nigerian Exchange Limited (NGX) in November 2025, accounting for about 66 per cent more trading activity than their foreign counterparts, despite a mild slowdown in overall market turnover during the month.
The Domestic and Foreign Portfolio Investment Report of the Nigerian Exchange Limited for November, released yesterday, showed that total transactions at the bourse declined marginally by 5.95 per cent to N971.2 billion, from N1.0326 trillion recorded in October 2025.
In dollar terms, market activity moderated to approximately $671.29 million, compared with about $726.29 million in the preceding month.
Despite the month-on-month dip, market performance remained significantly stronger on a year-on-year basis, as total transactions surged by 119.56 per cent from N442.34 billion in November 2024.
A closer look at investor participation revealed that domestic investors were the clear drivers of market activity. Total domestic transactions stood at N809.14 billion in November 2025, representing a modest decline of 4.35 per cent from N845.96 billion in October.
Foreign portfolio investment transactions recorded a sharper contraction, falling by 13.17 per cent to N162.04 billion, or about $112.00 million, from N186.62 billion, equivalent to $131.27 million, in the previous month.
Within the domestic segment, institutional investors continued to dominate trading, outperforming retail investors by roughly 32 per cent. Retail transactions declined by 16.21 per cent to N277.93 billion in November, from N331.71 billion in October 2025, reflecting more cautious participation by individual investors.
In contrast, institutional activity showed greater resilience, rising by 3.30 per cent to N531.21 billion from N514.25 billion over the same period, thereby supporting overall domestic turnover.
Longer-term data from the exchange highlight the growing depth of Nigeria’s capital market over nearly two decades. Between 2007 and 2024, domestic transactions expanded by 33.15 per cent, rising from N3.556 trillion to N4.735 trillion.
Foreign transactions also recorded growth over the period, increasing by 38.31 per cent from N616 billion to N852 billion, although they remained significantly lower than domestic activity.
The dominance of local investors was particularly evident in 2024, when domestic transactions accounted for about 85 per cent of total market activity, with foreign investors contributing the remaining 15 per cent.
Preliminary figures for 2025 point to an even stronger domestic footprint, with cumulative domestic transactions estimated at about N8.3524 trillion, compared with foreign transactions of roughly N2.1894 trillion, reinforcing the central role of local investors in sustaining liquidity and activity on the Nigerian Exchange.
This came as Chairman of First HoldCo Plc, Femi Otedola, has deepened his investment in the financial services group with the acquisition of additional shares valued at about N14.8 billion, lifting his ownership to more than 18 per cent.
The transaction was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX) yesterday and signed by the group company secretary, Abiola Baruwa. According to the notice, the shares were acquired through Calvados Global Services Limited, an investment vehicle linked to the billionaire investor.
Details of the filing show that Otedola purchased 369,986,122 ordinary shares of First HoldCo at N40.06 per share on December 18, bringing the value of the deal to approximately N14.82 billion. The latest purchase further consolidates his position as the single largest shareholder in the holding company.
The acquisition follows a series of stake-building moves by Otedola over the past year. On September 25, 2025, he increased his interest in First HoldCo with the purchase of 64.87 million shares valued at N2.01 billion. Of this amount, 39.3 million shares were acquired directly on September 23 for about N1.2 billion, while an additional 25.6 million shares worth N793.6 million were bought indirectly through Calvados Global Services Limited on the same day.
Those earlier transactions raised his shareholding to 16.1 per cent from the 13.15 per cent stake recorded in September 2024. With the latest purchase, Otedola has pushed his ownership beyond the 18 per cent threshold, reinforcing his long-term commitment to the banking and financial services group amid ongoing reforms and consolidation in Nigeria’s financial sector.
Reacting to the development, the President of the Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude, described the investments by the bank’s chairman and other directors as a positive signal underscoring strong confidence in the institution’s future and leadership.
According to Igbrude, the decision by the chairman and members of the board to commit additional personal funds to the bank is a clear indication that the institution is in safe hands. He noted that such investments are widely regarded as good omens in the market, as they reflect insider belief in the bank’s strategy, governance and long-term growth prospects.
He explained that a chairman would not inject more capital into the bank unless there was a firm resolve to deliver a successful turnaround.
In his view, the move demonstrates the determination of the leadership team to stabilise the bank, strengthen performance and create value, while also signalling significant opportunities for future gains as the recovery plan unfolds.
Igbrude also appealed to shareholders to exercise patience, stressing that the current developments point to brighter days ahead.
He urged investors who share the long-term vision of the board to remain committed, expressing confidence that there is light at the end of the tunnel as the bank positions itself for sustained growth and improved returns.
